U.S. jobless claims surge in latest week to 626,000

[UpInArms]

Source: CBS Marketwatch

WASHINGTON (MarketWatch) - First-time claims for state unemployment benefits surged in the latest week to the highest level in over 26 years, the Labor Department reported Thursday. The number of initial claims in the week ending January 31 rose 35,000 to 626,000. It's the highest level since the week ended Oct. 30, 1982. The consensus forecast of Wall Street economists was for claims to be relatively steady around 580,000. Claims in the previous week were revised to an increase of 6,000 to 591,000 compared with the initial estimate of a rise of 3,000 to 588,000. The four-week average of initial claims rose 39,000 to 582,250. Meanwhile, the number of Americans receiving state jobless benefits rose 20,000 to a record 4.79 million in the week ending January 24. The four-week moving average of continuing claims rose 44,000 to 4.67 million.

Read more: http://www.marketwatch.com/news/story/US-jobless-claims-surge-latest/story.aspx?guid=%7BF7C96EB3%2DE6AF%2D4CF4%2D8E1D%2D06C910E36034%7D&dist=hplatest

[.... callchet ....]

1. This post is not clear to me.

Is it saying that jobless claims for January was 4.79 million? It has been running around 600,000 a month. The way I read the post, it is a 700% increase over December.

[UpInArms]

2. the 4.79 million is "continuing claims" - there were 626,000 new claims

for unemployment benefits just in the past week.

[.... callchet ....]

3. Thanks, I was ready to go start stocking up food.

[.... callchet ....]

4. Does that mean that there are 4.79 collecting unemployment in US?

[UpInArms]

6. yes - there are 4.79 million continued claims for unemployment benefits

for the week ending January 24 - and the 626,000 for the week of January 31 will be added to that number :(

[Baby Snooks]

7. According to Nancy Pelosi it's 500 million a month...

http://www.youtube.com/watch?v=x8hMJVXt09E

The conservatives will have a lot of fun with her "slip of the tongue" although you do wonder why she had 500 million on her brain that then "slipped on her tongue."

[Mudoria]

5. I'm sorry to say I was a part of that surge last week :(

[Baby Snooks]

8. You and quite a few others...

We had another "mega car dealer" close in Houston yesterday. That is the second one.

I am one of those who are "self-employed" and "unemployed" and not eligible for unemployment. There are probably quite a few of us as well.

I see absolutely nothing in the "stimulus package" that will help anyone. Except the people who don't need help.

No doubt we will be told again that it will all "trickle down" to the rest of us.

[treehuggnlibrul]

9. Add me to that list too. nt