Again: New Jobless Claims Rise “Unexpectedly”

by Stephan Tawney on February 4, 2010

Really? How many times are the media and its sources going to be shocked by rising unemployment figures? I was more shocked by water being wet this morning than learning the number of new jobless claims rose…again.

The number of newly laid-off workers filing initial claims for jobless benefits rose unexpectedly last week, evidence that layoffs are continuing and jobs remain scarce.

The rise is the fourth in the past five weeks. Most economists hoped that claims would resume a downward trend that was evident in the fall and early winter.

The Labor Department says that new claims for unemployment insurance rose by 8,000 to a seasonally adjusted 480,000. Wall Street economists had expected a drop to 460,000.

It’s the fourth rise in five weeks. 80% of the last five weeks had a rising number of jobless claims. And the media’s still shocked.

Oh. And planned layoffs are starting up again.

Planned layoff announcements at major U.S. corporations increased 59% in January, reaching 71,482 from a nine-year low of 45,094 seen in December, according to the latest job-cut tally by Challenger Gray & Christmas.

It was the first month-to-month increase in layoffs since July, the outplacement firm reported Wednesday. The figures are not seasonally adjusted. …

Planned reductions for last month were led by retail companies, which announced 16,737 job cuts, and telecommunications companies, which cut 14,010 jobs.

Economists already expected unemployment to reach 10.1% in tomorrow’s BLS report. Will it “unexpectedly” go higher? Quite possibly.



Leave a Reply