Last week’s jobless claims number was 429,000 and later in the week revised up to 431,000. Today saw the jobless claims go to 474,000 – quite a jump. Up 43,000 is much bigger than what was expected. This marks the third week in a row that jobless claims have climbed.
Amusingly, the Labor Department suggested that spring break in New York, a new emerging benefit program in Oregon and the auto parts production slowdown because of the Japanese tsunami contributed to the rise. When all else fails, blame the weather, eh? Why not the flooding in our area? Perhaps that will be the explanation next week.
Tyler Durden at Zero Hedge blog commented, “jobless claims explode to 474,000, beyond the worst economic expectations, far above consensus of 410K, and well above the previous (upward revised, of course) number of 431K. This is the worst claims number since August 2010. Game over for the U.S. ‘recovery.'”