Thread: JOBLESS CLAIMS RISE TO 474,000 FOR WEEK 8 MONTH HIGH

Jobless Claims in U.S. Unexpectedly Jump Due to Anomolies

By Alex Kowalski and Shobhana Chandra - May 5, 2011 8:59 AM ET

The number of claims for U.S. unemployment benefits unexpectedly rose last week, pushed up by auto-plant shutdowns and other unusual events that seasonal variations failed to take into account, the Labor Department said.

Applications for jobless benefits jumped by 43,000 to 474,000 in the week ended April 30, the most since August, Labor Department figures showed today. A spring break holiday in New York, a new emergency benefits program in Oregon and auto shutdowns caused by the disaster in Japan were the main reasons for the surge, a Labor Department spokesman said as the data was released to the press.

Even before last week, claims had drifted up, raising concern the improvement in the labor market has stalled. Employers added 185,000 workers to payrolls in April, fewer than in the prior month, and the unemployment rate held at 8.8 percent, economists project a Labor Department report to show tomorrow.

“We’re seeing so many distortions in the claims numbers week to week that it’s hard to say, but I’m willing to be patient and wait and see,â€

Initial Claims: 474K - Bring Out QE3

Submitted by Tyler Durden
05/05/2011 08:30 -0400
260 comments

And scene: jobless claims explode to 474K, beyond the worst economist expectation, far above consensus of 410K, and well above the previous (upward revised of course) number of 431K. This is the worst claims number since Aigist 2010. Game over for the US "recovery."

Welcome to the US Recovery:



Those collecting EUC and Extended Claims continue dropping of the 99-week roster, with 48K no longer collecting weekly government paychecks.



UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT

SEASONALLY ADJUSTED DATA http://www.dol.gov/opa/media/press/eta/ ... 110624.htm

http://www.zerohedge.com/article/initia ... ng-out-qe3