MarketWatch: Jobless claims have biggest jump in five weeks....reach 5-year high

[marmar]

Jobless claims have biggest jump in five weeks
Number of people obtaining benefits at highest level in almost 5 years

By Greg Robb, MarketWatch



WASHINGTON (MarketWatch) -- First-time jobless claims jumped by the largest amount in five weeks, another sign that the U.S. labor market is faltering, according to government data reported Thursday.

The number of workers filing for state unemployment benefits rose by 15,000 to a seasonally adjusted 444,000 for the week ended August 30, the Labor Department said.

This marked the highest level of claims since August 9 and the biggest gain since the week ended July 26.

Jobless claims stood at 359,000 at the end of May.

The four-week moving average of new claims -- which smoothes out distortions caused by one-time events such as holidays and weather -- fell by 3,250 to stand at 438,000. This stood at 369,000 at the end of May.

Economists had generally been expecting claims to drop, with the consensus hovering at about 420,000. ......(more)

The complete piece is at: http://www.marketwatch.com/news/story/jobless-claims-have-biggest-jump/story.aspx?guid=%7B101F2B17%2DED8D%2D49D4%2D99C4%2D8D66CC2818C2%7D

[SpiralHawk]

1. The putrid fruit of Republiconomics