Jobless claims jump to 496,000, February 25, 2010

From Fox News,  February 25, 2010.

“New Jobless Claims Jumped to 496,000 as Heavy Snow Caused Rise in Layoffs”

“The number of new claims for unemployment benefits jumped unexpectedly last week as heavy snows caused layoffs to rise.”

“The department said Thursday that first-time claims for unemployment insurance rose by 22,000 to a seasonally adjusted 496,000. Wall Street analysts polled by Thomson Reuters expected a drop to 455,000.”

“The four-week average has risen by about 30,000 in the past month, raising concerns that job cuts are continuing. Initial claims had fallen sharply over the summer and fall but the improvement has stalled since the year began.

The economy has grown for six months but is not yet spurring new hiring. Many economists point out that the current recovery is weak compared to the aftermath of previous deep recessions.

The Labor Department said earlier this month that while the unemployment rate fell to 9.7 percent from 10 percent, employers still cut 20,000 jobs. The economy has lost 8.4 million jobs since the recession began.”

“Among the states, North Carolina had biggest increase in claims, with 5,897, which it attributed to layoffs in the construction, furniture and mining industries. Pennsylvania and Kentucky also reported large increases. The state data lags initial claims by one week.”

Read more:

http://www.foxnews.com/politics/2010/02/25/new-jobless-claims-rise-unexpectedly/