Jobless claims up as market weakens
By Christopher Rugaber |
July 23, 2010, Friday
|
Print Edition
Print Edition
NEW jobless claims jumped in the United States last week by the most since February, reversing the previous week's sharp decline. The rise is partly a result of seasonal factors but also reflects the job market's weakness.
New claims for unemployment insurance jumped by 37,000 to a seasonally adjusted 464,000, the US Labor Department said yesterday.
The sharp increase comes after claims fell steeply two weeks ago to their lowest level since August 2008. But much of that drop was driven by temporary seasonal factors and not an improving job market.
Two weeks ago, General Motors and other manufacturers reported fewer temporary layoffs than usual this time of year, a Labor Department analyst said. Last week's rise partly reflects the fading of that trend.
Still, the rise is the latest evidence that jobs remain scarce even as the economy slowly recovers from the worst recession since the 1930s.
Requests for unemployment insurance have been stuck near 450,000 since the beginning of this year, after falling steadily from a peak of 651,000 in March 2009.
The weekly claims are considered a gauge of layoffs and an indication of employers' willingness to hire.
In a healthy economy with rapid hiring, claims usually fall below 400,000.
The four-week average of claims, which smooths fluctuations, rose by 1,250 to 456,000, the department said.
A total of nearly 4.5 million people continued claiming unemployment aid, the department said.
That was a drop of 223,000 from the previous week.
New claims for unemployment insurance jumped by 37,000 to a seasonally adjusted 464,000, the US Labor Department said yesterday.
The sharp increase comes after claims fell steeply two weeks ago to their lowest level since August 2008. But much of that drop was driven by temporary seasonal factors and not an improving job market.
Two weeks ago, General Motors and other manufacturers reported fewer temporary layoffs than usual this time of year, a Labor Department analyst said. Last week's rise partly reflects the fading of that trend.
Still, the rise is the latest evidence that jobs remain scarce even as the economy slowly recovers from the worst recession since the 1930s.
Requests for unemployment insurance have been stuck near 450,000 since the beginning of this year, after falling steadily from a peak of 651,000 in March 2009.
The weekly claims are considered a gauge of layoffs and an indication of employers' willingness to hire.
In a healthy economy with rapid hiring, claims usually fall below 400,000.
The four-week average of claims, which smooths fluctuations, rose by 1,250 to 456,000, the department said.
A total of nearly 4.5 million people continued claiming unemployment aid, the department said.
That was a drop of 223,000 from the previous week.
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