Jobless claims rise for second straight week [View All]

[OhioChick]

Source: AP

1 hour ago

WASHINGTON — The number of newly laid off people signing up for unemployment benefits rose sharply for the second straight week, suggesting that jobs are still hard to come by even as the economic recovery gains traction.

The Labor Department reported Thursday that first-time requests for jobless benefits rose by 24,000 last week to a seasonally adjusted 484,000, the highest level since late February. Economists had predicted claims would fall.

It marked the second week that claims took an unexpected leap. In the prior week, claims rose by 18,000 to 460,000.

A government analyst, however, cautioned against reading too much into both weeks' figures, saying they were clouded by seasonal adjustment difficulties related to the Easter holiday, which falls on different weeks each year.

Even with the increases over the last two weeks, the trend in claims have been slowly drifting downward. Fewer people overall have been seeking unemployment insurance as the job market recovers.

For instance, for the same week a year ago, first-time claims totaled 609,000, compared with the current 484,000. Applications for jobless claims peaked during the recession at 651,000 in late March 2009.



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