Wikinvest Wire

New jobless claims stubbornly high

Thursday, August 20, 2009

Weekly claims for unemployment insurance rose from a revised 561,000 to 576,000 for the period ending August 15th, stubbornly high for this long after a peak in new claims.
IMAGE Analysts had expected a drop to 550,000, however, according to Bloomberg, last week's reading exceeded the highest forecast among economists they surveyed, a range of 535,000 to 570,000 and, in a sign that it remains quite difficult for displaced workers to find new employment, those continuing to collect unemployment benefits was steady at 6.24 million.

The four-week moving average has now climbed for two weeks in a row, the most recent total now at 570,000, up from 557,000 earlier this month.

1 comments:

jm said...

Note how the curve shape post the '91 and '01 recessions differs from that following recessions of earlier times. Rather than falling rapidly back to pre-recession levels, claims fell only slightly post-peak and remained above 80% of peak for about two years.

If the same happens this time, claims will remain near the current level for two more years.

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