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New Jobless Claims Leap Past Estimates

Did you ever suspect they'd go down? Me either

By the Associated Press

Posted Jan 22, 2009 8:09 AM CST
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(AP) – The number of new claims for jobless benefits jumped more than expected last week, as companies continue to cut jobs at a furious pace. The Labor Department reported today that initial claims rose to a seasonally adjusted 589,000, from an upwardly revised figure of 527,000 the previous week. The tally was well above Wall Street economists' expectations of 540,000 new claims.

The total matches a 26-year high reached four weeks ago. The increase is partly due to a backlog of claims that piled up in recent weeks in states that experienced computer crashes due to a crush of applications. The number of people continuing to seek benefits rose by 97,000 to 4.6 million, above analysts' expectations of 4.55 million, up substantially from 2.7 million a year ago.

A customer enters the Woolworth's store in Portabello in Notting Hill gate London just before it closed Saturday, Dec. 27 2008.
A customer enters the Woolworth's store in Portabello in Notting Hill gate London just before it closed Saturday, Dec. 27 2008.   (AP Photo/Alastair Grant)
In this Dec. 5, 2008 file photo, a man looks at job listings at the Employment Development Department in San Francisco.
In this Dec. 5, 2008 file photo, a man looks at job listings at the Employment Development Department in San Francisco.   (AP Photo/Jeff Chiu, file)
A sign instructs job seekers at the California Employment Development Department in Sunnyvale, Calif., Tuesday, Jan. 6, 2009.
A sign instructs job seekers at the California Employment Development Department in Sunnyvale, Calif., Tuesday, Jan. 6, 2009.   (AP Photo/Marcio Jose Sanchez)
In this Dec. 5, 2008 file photo, a rack with forms to assist the unemployed and job seekers is seen at a New York State Department of Labor career center in Albany, NY.
In this Dec. 5, 2008 file photo, a rack with forms to assist the unemployed and job seekers is seen at a New York State Department of Labor career center in Albany, NY.   (AP Photo/Mike Groll, File)
An instructor, left, help out a student at JobTrain, a job training facility in Menlo Park, Calif., Friday, Dec. 5, 2008.
An instructor, left, help out a student at JobTrain, a job training facility in Menlo Park, Calif., Friday, Dec. 5, 2008.   (AP Photo/Paul Sakuma)
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COMMENTS
Showing 1 of 1 comment
bacimom
Feb 2, 2009 2:58 AM CST
new jobless claims aren't even half of the story. What about the people who have run out of unemployment and are off the list? What about the people working part time or in fields that are no where near what they've trained for and are earning less than half than their former job? What about the people now reduced to living off their parents or children because there is 1 low rent job for every 40-50 people looking? All of these people are unable to pay bills or contribute to the economy. All of these people are now without health insurance and most unable to get onto medicaid, welfare or even food stamps.

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Money • US

 
economic indicators • unemployment • Department of Labor • jobless claims • economy • financial crisis

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