Jobless Claims Surging Higher

Initial jobless claims leaped up by 32k, to reach the highest level since September 2001, climbing from a revised higher 484k to 516k. The less volatile 4-week moving average has risen to 491k, the highest sine 1991. Thirty -six states saw new claims rise last week.

Continuing claims jumped to the highest level since 1983, rising to 3.897 million from 3.832 million the prior week. It is important to point out that the labor fource is much larger now than it was 25 years ago, so the unemployment rate is lower than it was then. The unemployment rate among people eligible for benefits held steady at 2.9% versus the prior week.

Initial Jobless Claims





Continued Claims