Jobless Claims in the U.S. Rose 26,000 Last Week to 397,000

[Freddie Stubbs]

Source: Bloomberg

First-time claims for jobless benefits rose last week from an almost three-year low, highlighting the uneven nature of the improvement in the U.S. labor market.

Applications for first-time unemployment benefits increased by 26,000 to 397,000 in the week ended March 5, Labor Department figures showed today. Economists forecast claims would climb to 376,000, according to the median estimate in a Bloomberg News survey. The total number of people receiving benefits in the prior week fell to the lowest since October 2008.

The rebound in the world’s largest economy has curbed firings, paving the way for employers such as Boeing Co. (BA) and Home Depot Inc. (HD) to add jobs and spur household spending. A Labor Department official said claims generally rise the week after a federal holiday and some New England states reported more claims due to school holidays.

“It’s the volatility around the Presidents’ Day holiday,” Jonathan Basile, director of U.S. economics at Credit Suisse Holdings USA Inc. in New York said before the report. “The swings around this moving holiday sometimes distort the trend. The labor market has been improving. Firms feel better about the outlook because their sales have improved and the need to cut costs” has decreased. The Presidents’ Day holiday was Feb. 21.

Read more: http://www.bloomberg.com/news/2011-03-10/jobless-claims-in-the-u-s-rose-more-than-estimated-last-week-to-397-000.html

[mahatmakanejeeves]

1. From the DOL's Employment and Training Administration:

Unemployment Insurance Weekly Claims Report {03/10/2011}

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT

SEASONALLY ADJUSTED DATA

In the week ending March 5, the advance figure for seasonally adjusted initial claims was 397,000, an increase of 26,000 from the previous week's revised figure of 371,000. The 4-week moving average was 392,250, an increase of 3,000 from the previous week's revised average of 389,250.

The advance seasonally adjusted insured unemployment rate was 3.0 percent for the week ending Feb. 26, unchanged from the prior week's unrevised rate of 3.0 percent.

The advance number for seasonally adjusted insured unemployment during the week ending Feb.26 was 3,771,000, a decrease of 20,000 from the preceding week's revised level of 3,791,000. The 4-week moving average was 3,833,250, a decrease of 34,750 from the preceding week's revised average of 3,868,000.

[fasttense]

2. When is this trickle down recovery going to, well, trickle down? n/t

[LiberalEsto]

4. It's trickling down everywhere

Wipe it off and wash, quickly.

[OhioChick]

10. We're all being pissed on n/t

[xchrom]

3. recommend

[deacon]

5. The GOP plan on adding plenty more - then deny them unemployment. n/t

[blueclown]

6. Most of the gains over the last few months were lost..

.. when people started figuring out they can't live on the wage of a McJob, which is where most of the "decrease" in unemployment rate is coming from, and subsequently quit those jobs.

[onehandle]

7. Stoopid Lucky Duckies. nt

[RedCloud]

8. Mr. Boner, where are those jobs? Why aren't your buddies hiring?

[Vinee]

9. "Applications for first-time unemployment benefits increased.... to 397,000"

Ready. Set. Spin!