Jobless claims jump to 26-year high

[UpInArms]

Source: CBS Marketwatch

WASHINGTON (MarketWatch) - The U.S. labor market weakened further last week, with the number of first-time filings for state unemployment benefits jumping by 58,000 to a 26-year high of 573,000, the Labor Department reported Thursday.

The number of people collecting unemployment benefits rose by 338,000 to 4.43 million, also the highest since late 1982. The 338,000 increase in the week ending Nov. 29 was the most since 1974.

The jobless claims report shows businesses are laying off workers at a rapid pace, and finding a replacement job is ever harder for those who've lost their job.

Initial claims represent job destruction, while the level of continuing claims indicates how hard or easy it is for displaced workers to find new jobs.

Several technical factors could have boosted initial claims last week, a Labor Department spokesman said. The week after Thanksgiving is traditionally the one with the biggest increase in first-time claims, and the government's seasonal adjustment factors may be overstating the increase this year.

<snip>

Technical factors aside, the report shows a marked deterioration in the labor market. The four-week moving average of new claims - which tends to smooth out the impact of any special factors - rose by 14,250 to 540,500, also the highest since late 1982.

Read more: http://www.marketwatch.com/news/story/Jobless-claims-jump-26-year/story.aspx?guid=%7BFEDEE988%2DE48F%2D4BB2%2DB51B%2D8FCEC5F80726%7D

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Bush = RayGun on steroids

[Zynx]

1. The only good thing about that report is that we are still in the range of historical comparisons.

That's all I can say about it in terms of comfort.

[mrcheerful]

2. Over stating the increase? WTF? If anything the republicons have been

under stating unemployment for the last 8 years.

[xchrom]

3. sadly recommending. nt

[4_TN_TITANS]

4. This is flat out scary...

Ever since the Nov. job loss report came out last week, companies have been using it as an excuse to slash jobs. The climate is right for any business even thinking about cutting heads to start hacking away.

Dad said that the economic situation going on is like the '70s all over again.

[merwin]

5. And that doesn't count the people who's unemployment ran out or those who either

failed to get a job as well as those who were forced to take a job that pays half as much (such as myself).