Jobless claims climb unexpectedly

[ProSense]

Jobless claims climb unexpectedly

By Steve Benen



The roller-coaster ride on initial unemployment claims continues.

First-time claims for state unemployment benefits rose more than expected in the latest week, the Labor Department reported Thursday. The number of initial claims in the week ending May 25 rose 10,000 to 354,000. The consensus forecast of Wall Street economists was for claims to rise 1,000 to 345,000. The four-week average rose 6,750 to 347,250.

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In terms of metrics, when jobless claims fall below the 400,000 threshold, it's considered evidence of an improving jobs landscape, and when the number drops below 370,000, it suggests jobs are being created rather quickly. We've been below the 370,000 threshold 21 of the last 24 weeks, and below 350,000 in five of the last eight weeks.

Above you'll find the chart showing weekly, initial unemployment claims going back to the beginning of 2007. (Remember, unlike the monthly jobs chart, a lower number is good news.) For context, I've added an arrow to show the point at which President Obama's Recovery Act began spending money.

http://maddowblog.msnbc.com/_news/2013/05/30/18614529-jobless-claims-climb-unexpectedly

[BlueCaliDem]

1. Looks like the result of a sequester is starting to kick in.

We can thank the do-nothing, know-nothing, lazy-ass Republicans in Congress for this. I'm sure they're popping corks and backslapping each other about this, to them and their moneyed masters, good news.