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Rise in first-time jobless claims signals weak recovery in labor markets

April 16th, 2011 davidguide

Linda Young – AHN News Writer

Washington, DC, United States (AHN) – The number of first-time applicants for jobless benefits unexpectedly rose for the week ending April 9 by 27,000 to 412,000.

Analysts had expected the number to remain in the 380,000 range.

Some analysts now say the jump in claims signals uncertainty over recovery in the labor market, while others view it as an anomaly caused by large mass layoffs at the end of the quarter.

Regardless, so far the U.S. recovery from recession has largely been confined to the economic markets with labor not sharing in the nation’s ongoing recovery.

For the week ending April 2 there were 385,000 new claims for unemployment compensation insurance payments, the U.S. Department of Labor said. Initial jobless claims had been trending downward and it was below the 400,000 mark. This marked the first time in five weeks that claims rose above that mark.

Moreover, the four-week moving average, a figure less volatile than the weekly claim numbers, is trending upward again. It increased by 5,500 to 395,750 from the previous week’s revised average of 390,250, DOL officials said.

In addition, the seasonally adjusted rate of jobless workers covered by the unemployment compensation insurance program for the week ending April 2 fell to 2.9 percent from the prior week’s rate of 3 percent.

DOL officials say that there were a total of 8,517,545 people claiming jobless benefits in all programs for the week ending March 26.

Article © AHN – All Rights Reserved

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Posted in Returning To School Tags: AHN, claim numbers, compensation insurance program, initial jobless claims, Insurance, jobless workers, mark, mass layoffs, percent, unemployment, unemployment compensation insurance, week ending april, Young

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