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.


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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