Number of jobless up in blow to recovery
By Lucia Mutikani |
May 21, 2010, Friday
|
Print Edition
Print Edition
THE number of workers filing new applications for unemployment insurance in the United States unexpectedly rose last week for the first time since early April, government data showed yesterday, dealing a blow to the labor market recovery.
Initial claims for state unemployment benefits increased 25,000 to a seasonally adjusted 471,000 in the week ended May 15, the highest level since the week ended April 10, the Labor Department said.
The four-week moving average of new claims, which is considered a better measure of underlying labor market trends, rose 3,000 to 453,500.
A Labor Department official said there was nothing unusual in the state level data. The claims data fell in the survey week for the government's employment report for May. That report will be released on June 4.
New applications for unemployment benefits had been grinding lower even though payrolls have grown for four straight months. Analysts believe the elevated level of initial claims indicates the unemployment rate will remain high for a while and only come down gradually as small businesses are still struggling.
The jobless rate edged up to 9.9 percent in April from 9.7 percent in March.
The number of people still receiving benefits after an initial week of aid fell 40,000 to 4.63 million in the week ended May 8, the Labor Department said. The level was above market expectations, but the lowest since late March.
The insured unemployment rate, which measures the percentage of the insured labor force that is jobless, was unchanged at 3.6 percent in the week ended May 8.
Initial claims for state unemployment benefits increased 25,000 to a seasonally adjusted 471,000 in the week ended May 15, the highest level since the week ended April 10, the Labor Department said.
The four-week moving average of new claims, which is considered a better measure of underlying labor market trends, rose 3,000 to 453,500.
A Labor Department official said there was nothing unusual in the state level data. The claims data fell in the survey week for the government's employment report for May. That report will be released on June 4.
New applications for unemployment benefits had been grinding lower even though payrolls have grown for four straight months. Analysts believe the elevated level of initial claims indicates the unemployment rate will remain high for a while and only come down gradually as small businesses are still struggling.
The jobless rate edged up to 9.9 percent in April from 9.7 percent in March.
The number of people still receiving benefits after an initial week of aid fell 40,000 to 4.63 million in the week ended May 8, the Labor Department said. The level was above market expectations, but the lowest since late March.
The insured unemployment rate, which measures the percentage of the insured labor force that is jobless, was unchanged at 3.6 percent in the week ended May 8.
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