Initial Jobless Claims Unexpectedly Jumped to 386,000

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I’ve had a busy day, so I’m not sure how the media reported the big spike in initial jobless claims. Did they find time to fit it in between stories about Ann Romney’s horse and Mitt Romney’s tax returns? Of course, the number of claims again caught the economists off guard.

U.S. jobless claims jumped 34,000 to 386,000 last week, the government reported Thursday, reflecting typical summertime fluctuations in auto-industry employment.

Applications for unemployment benefits are now back to somewhat elevated levels after falling two weeks ago to a four-year low, suggesting the labor market remains sluggish.

Economists surveyed by MarketWatch had forecast claims would rise to a seasonally adjusted 365,000 in the week ended July 14. The level of claims is a rough gauge of whether layoffs are rising or falling. (Read More)

I wonder what that 386,000 figure will turn into by next week. We should start a pool. Ten bucks says it will be 389,000.

In related news, unemployment in New York City is now up to 10%. I guess that’s what Obama would call a step in the right direction.

Via The Other McCain who says “You didn’t lose your job, somebody else made that happen.” We all know who that somebody is, and it ain’t Ann Romney’s horse or Mitt’s tax accountant.