New jobless claims take surprise jump
WASHINGTON – The number of people filing new claims for jobless benefits jumped last week after three straight declines, another sign that the pace of layoffs has not slowed.
Initial claims for jobless benefits rose by 12,000 to a seasonally adjusted 472,000, the Labor Department said Thursday. It was the highest level in a month.
First-time jobless claims have hovered near 450,000 since the beginning of the year after falling steadily in the second half of 2009. That has raised concerns that hiring is lackluster and could slow the recovery.
Still, the four-week average for unemployment claims, which smoothes volatility, dipped slightly to 463,500. That’s down by 3,750 from the start of January.
Economists say they will feel more optimistic that the economy is creating jobs once initial jobless claims fall below 425,000 per week.
Just this week, casino owner Wynn Resorts laid off more than 260 workers in its two Las Vegas casino hotels in a move expected to save nearly $8 million.
The number of people continuing to claim benefits rose by 88,000 to 4.57 million. That doesn’t include about 5.2 million people who receive extended benefits paid for by the federal government.
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