Jobless claims up 12% in past 2 weeks

[I AM NOT THAT GUY 5,715]

NEW YORK (CNNMoney.com) -- The number of Americans filing for initial unemployment insurance surged to just below the 500,000 level last week, and have climbed more than 12% over the past two weeks, the government said Thursday.

There were 496,000 initial job claims filed in the week ended Feb. 20, up 22,000 from a revised 474,000 the previous week, the Labor Department said in a weekly report. The prior week, there were 442,000 claims filed.

A consensus estimate of economists surveyed by Briefing.com expected new claims to fall to 460,000.

The 4-week moving average of initial claims was 473,750, up 6,000 from the previous week's revised average of 467,750.

Continuing claims:

The government said 4,617,000 people filed continuing claims in the week ended Feb. 13, the most recent data available. That's up 6,000 from the preceding week's revised 4,611,000 claims.

The 4-week moving average for ongoing claims rose by 4,250 to 4,600,750 from the previous week's revised 4,596,500.

Continuing claims reflect people filing each week after their initial claim until the end of their standard benefits, which usually last 26 weeks. The figures do not include those people who have moved to state or federal extensions, or people whose benefits have expired.

Outlook:

"I would expect that once we get into March and get beyond the weather-related effects, we'll see continued improvement in overall jobless claims," said Dye.

He expects employment to pick up in the next couple of months as private sector hiring continues and the government boosts its hiring of temporary census workers.

"But bear in mind that the census workers are only temporary workers," said Dye. "The government's hiring will ramp up through March, April and into May, and then it will ramp back down in the second half of the year."

http://money.cnn.com/2010/02/25/news/economy/initial_claims/

[spookyturtle 9,466]

So much for recovery.

[Obama 2012 1,714]

I'm still laughing at the touting of unemployment being down to 9.6%......

I really wish they would give the REAL number.

I suppose almost 20% doesn't make Washington look very good though.

[spookyturtle 9,466]

I'm still laughing at the touting of unemployment being down to 9.6%......

I really wish they would give the REAL number.

I suppose almost 20% doesn't make Washington look very good though.

I bet it's 15%+.

[Obama 2012 1,714]

I bet it's 15%+.

according to CNBC in November it was 17.5% --- http://www.cnbc.com/id/34040009

I can only assume it has gone up from what we've been seeing. *shrug*

[Pinocchio Liberal 268]

Looks like I need to open a daycare for adults.

[spookyturtle 9,466]

Looks like I need to open a daycare for adults.

You can be your first client.