Wikinvest Wire

Initial jobless claims push even higher

Thursday, August 07, 2008

The Labor Department reported initial jobless claims at a new high for the current cycle at 455,000, following last week's surge to 448,000. These are the first back-to-back readings in the 450,000 range since April of 2003.
Extended unemployment benefits, signed into law two months ago, have resulted in previously laid-off workers once again being eligible to apply for benefits and this is clearly helping to push recent headline figures higher.

The Labor Department said it is not able to determine the extent of this impact but that it should fade over the next month.

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Anonymous said...

It should fade just before all the state government layoffs start hitting.

Dan said...

cannot part of this jobless spike be somewhat attributable to the unemployment extension? When some folks had run out of unemployment which made them become magically counted as being employed, and the unemployment extension kicked in, then those same folks are magically unemployed again thereby boosting the number of jobless claims.

Dan said...

sorry ••• posted before I read the extended article •••

Anonymous said...

You have to think that it would still be 400K or more without the extended benefits and that similar government moves caused prior spikes back in 2001-2003.

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