Posted by alhambra

The number of people filing for first time unemployment benefits rose in the latest week, causing fear and doubt, whether it be reasonable or not, that this recovery is strong and sustainable enough.  According to the US Department of Labor, for the week ending February 20th, initial jobless claims rose 22,000 to stand at a seasonally-adjusted 496,000. The reading is worse than forecast, as expectations were for a slight decrease to 450,000 new claims. In order for the economy to continue to breath signs of stability and growth, there has to be a stop to the bleeding. This economy cannot hemorrage anymore jobs.

The four-week average of initial claims rose 6,000 to stand at 473,750, also the highest rate in three months. The four-week average is valued because it smoothes out statistical quirks due to one-time events such as bad weather, holidays or strikes. - MarketWatch

Continuing claims are also once again on the rise. People who have been getting benefits for more than a week rose by 6,000, to a seasonally-adjusted rate of 4.62 million. Pretty hefty number, huh?!?!

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