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Thursday, October 02, 2008
Jobless Claims Unexpectedly Jump to 497,000
FOXBusiness
Jobless claims climbed to a higher than expected 497,000 last week, showing further weakening in the labor market.
The number of people filing for unemployment insurance rose by 1,000 for the week ending September 20, from 496,000 the previous week, the Labor Department in a release Thursday. Economists had expected claims to moderate to 475,000. Analysts from the Labor Department attributed 45,000 claims to those affected by Hurricane Gustav.
The total number of claims is the highest for the U.S. since the weeks following the Sept. 11, 2001 terrorist attacks. Coupled with yesterday's ADP and Challenger reports, the state of the labor market appears gloomy.
"The underlying trend ... is still disconcertingly high," said Ian Shepherdson, chief U.S. economist at High Frequency Economics.
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