Posted on 05/01/2014 6:41:18 AM PDT by SeekAndFind
WASHINGTON (MNI) - Initial claims for U.S. state unemployment benefits jumped for the second straight week in the April 26 week, climbing by 14,000 to 344,000, the Labor Department reported Thursday.
The Labor Department said there were no special factors, however, the latest report reflects a second straight week of a double digit increase in initial claims which are now at the highest level since February 22 week when they were 351,000.
Expectations for this week's report was for a claims level of 320,000, which would have been a 9,000 decrease from the previously reported 329,000 level in the April 19 week. That week's claims was level was revised up to 330,000.
The initial claims seasonally adjusted 4-week moving average rose 3,000 to 320,000 in the April 26 week after rising modestly in the previous week.
The Labor Department said that seasonal adjustment factors had expected an 1.8% increase of 5,284 unadjusted initial claims in the April 26 week. Instead, unadjusted claims rose 18,002, or 6.0%, to 317,184 in the week. The unadjusted level is above the year ago level of 301,622.
The level of continuing claims for the April 12 week came in at 2.771 million, an increase of 97,000 from the preceding week's revised level of 2.674 million.
The level of unadjusted continuing claims was 2,776,672, an increase of 2,757,378 from the previous week, but down from the 3,020,992 level reported a year ago.
The seasonally adjusted insured unemployment rose to 2.1% after seasonal adjustment from 2.0% in the previous week. The current week's level is also down from the 2.3% rate a year ago.
The unemployment rate among the insured labor force is well below that reported monthly by the Labor Department because claims are approved for the most part only for job losers, not the job leavers and labor force reentrants included in the monthly report.
The Labor Department reported that a total of 2,822,340 persons claimed unemployment benefits in the April 12 week, a decline of 99,855 from the previous week, and still well below the 4,956,474 level in the comparable week a year ago. These data are not seasonally adjusted, and include regular state claims, federal employee claims, new veterans claims, the extended benefits program, state additional benefits, and STC/Workshare claims.
Wait until that number is revised...I expect an even bigger unexpected increase.
America needs jobs.
Neither party is advocating for American jobs.
Bring back US jobs.
Lines up with the legislation the Democrats are pushing through to retroactively extend jobless benefits for people who were dropped off the rolls at the end of December.
To be revised again next month...
Obama is to the economy what RoundUp is to green shoots. Kills 'em dead.
Now would be a good time to raise the minimum wage so that more people will be motivated to go back to work. (Liberal Logic)
This one’s significant. The feds can’t blame bad winter weather.
http://www.freerepublic.com/focus/f-news/3150830/posts
New construction jobs on the horizon throughout the US!
Only to be down graded at a later date once again.
I can’t wait to hear all the libs excuses, the weather, Obamacare, training for new green jobs, temporary, will rebound next week, not “that” bad, etc.
Market Watch is still blaming a late Easter. I guess they can’t imagine that Obama’s economic policies just don’t work.
This was expected, right?
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