Initial Jobless Claims Rise More Than Expected

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It’s Thursday, and you know what that means. The government released initial jobless claims data, and jobless claims have risen again. Of course, the numbers released last week have been revised upward. Shocking news, I know.

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In the week ending at March 24, initial jobless claims rose from 341K to 357K, instead of easing slightly to 340K.

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Doh! Economists were foiled again. But not to worry, they blame it on the holiday.

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Rising claims signal more layoffs, and initial claims have increased for two consecutive weeks. However, analysts warn over reading too much into near-term claims levels because of holiday-related distortion.

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Oh, and the increase in claims probably won’t impact the unemployment rate because even more people have dropped out.

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However, the number of people already receiving benefits dropped 27,000 to 3.05 million in the week ended March 16, hitting the lowest level since June 2008.

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Wonderful, they can all sign up for SSDI and bring about it’s collapse even faster.

Oh well, I guess the CBO wasn’t kidding when they said there’s no way we’ll see full employment during Obama’s presidency. Welcome to the new normal. But it could be worse, at least we’re not Cypress or Greece. Yet.