Guess what unexpectedly rose again?
If you said jobless claims, you’d be right:
Initial claims for state unemployment benefits increased 25,000 to a seasonally adjusted 471,000 in the week ended May 15, the highest level since the week ended April 10, the Labor Department said.
Analysts polled by Reuters had expected claims to fall to 440,000 from the previously reported 444,000, which was revised marginally up to 446,000 in Thursday’s report.
The four-week moving average of new claims, which is considered a better measure of underlying labor market trends, rose 3,000 to 453,500.
To give you an idea of what the nation is facing in unemployment, a little chart to make the point:
Remember, President Obama continues to claim that without his pork laden “stimulus” package (something the “party of ‘no’” voted against as a bloc), things would have been much, much worse. Really?
And also remember that when he touted that “stimulus” he promised it would halt the unemployment slide at 8%. I assume the GOP sees his strategy, given the numbers and the promised results as an effective counter to his claim the “stimulus” worked.
On a non-political note, this week’s claims simply point out that we still have a long way to go before we begin to see a steady improvement in the unemployment rate. And, with the European crisis festering, we may see it get worse again, before it gets better.