Initial Jobless Claims Continue to Rise Higher

The Labor Department reported initial jobless claims at a new high for the current cycle at 455,000, following last week's surge to 448,000. These are the first back-to-back readings in the 450,000 range since April of 2003.

Extended unemployment benefits, signed into law two months ago, have resulted in previously laid-off workers once again being eligible to apply for benefits and this is clearly helping to push recent headline figures higher.

The Labor Department said it is not able to determine the extent of this impact but that it should fade over the next month.

Comments

[Jason Rines...:]

Oh cool, I can go on unemployment for two years? Boss, please fire me. Seriously, glad we are helping some people but want job creation not the welfare State. Welcome back to 1970. Coming soon to a theatre near you, the 1930's.

2008 Aug 08 05:56 PM