April 28, 2011

Meanwhile, Over at DOL, Initial Unemployment Claims ‘Unexpectedly’ Spike at 429K

Filed under: Economy,MSM Biz/Other Ignorance,Taxes & Government — Tom @ 9:11 am

Holy crap:

In the week ending April 23, the advance figure for seasonally adjusted initial claims was 429,000, an increase of 25,000 from the previous week’s revised figure of 404,000. The 4-week moving average was 408,500, an increase of 9,250 from the previous week’s revised average of 399,250.

So here’s an updated look at the past eight weeks:

UnempClaims042311

At Bloomberg, there’s that darned word again:

Jobless Claims in U.S. Unexpectedly Rise to Three-Month High

New applications for unemployment benefits in the U.S. unexpectedly rose last week to the highest level in three months, a sign the labor market will be slow to recover.

Jobless claims increased by 25,000 to 429,000 in the week ended April 23, the most since late January, Labor Department figures showed today in Washington.

MarketWatch tells us that economists thought there would be a decline:

The number of people who filed new applications for jobless benefits climbed by 25,000 last week to 429,000, the highest level in three months. Economists surveyed by MarketWatch had expected claims to decline to seasonally adjusted 395,000 from the prior week’s revised level of 404,000.

Establishment press outlets are going to have to order extra truckloads of lipstick for this pig.

____________________________________

UPDATE: At Zero Hedge — Per Goldman Sachs, “the latest claims reports may point to softer nonfarm payroll growth in April than March.”

UPDATE 2, 11:20 p.m.: To be fair, the raw (not seasonally adjusted) claims number was up only a few thousand from the previous week. But it was also only about 10% lower than the NSA number from the same week a year ago, while previous weeks this year have been generally running about 15% or so lower.

Share

1 Comment

  1. [...] news (here, here, here) demonstrates that the economy is NOT on track. Wall Street is NOT reformed (maybe reshaped, [...]

    Pingback by BizzyBlog — May 4, 2011 @ 2:48 pm

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.