New jobless claims unexpectedly rise 22,000
Unemployment claims filed last week rose unexpectedly, coming in at 496,000, up 22,000 from the previous week.
Taken with other discouraging news released this week -- record-low January new home sales and a slide in consumer confidence -- the new jobless claims number describes a slow and uncertain recovery.
Forecasters had expected 460,000 new jobless claims to be filed last week
The four-week moving average of new jobless claims -- which smooths out volatility in the week-to-week numbers -- rose 6,000 to 473,750.
One thing to remember: New jobless claims filed over the past few weeks undoubtedly were goosed by the harsh weather and endless snowstorms that blanketed the country.
Continuing claims rose to 4.617 million, compared with 4.611 million the prior week, which describes the long-term unemployment problem in the country.
The U.S. unemployment rate stands at 9.7 percent, a number that decreased from the previous month only because so many unemployed Americans gave up looking for working, shrinking the job pool.
The truer unemployment rate stands at 16.5 percent, a number that takes into account all of the people who should be working full time but are not: people who have given up looking for work, or "discouraged" workers, and those who want full-time jobs but are forced to take part-time work.
Economists expect the official unemployment rate to remain near 10 percent through at least the remainder of the year, a factor that will impact the midterm elections in November.
In other economic news, orders for durable goods in January rose 3 percent, compared with a 1.9 percent bump in December. However, if you remove transportation-related goods -- cars, airplanes -- the January durable goods number actually declined 0.6 percent, which was less than expectations, after rising 2 percent in December.
Follow me on Twitter at @theticker
February 25, 2010; 8:47 AM ET
Categories: Data , The Ticker , Unemployment | Tags: durable goods, jobless claims
Save & Share: Previous: Bilbray to Toyoda: Will you hand over data about Toyota problems in other countries? Toyoda: 'Hai.'
Next: Stocks stage mighty rally but fall short
Posted by: TimeforMcCain | February 25, 2010 9:03 AM | Report abuse
Posted by: BlueThunder613 | February 25, 2010 9:33 AM | Report abuse
Posted by: Jimbo77 | February 25, 2010 9:34 AM | Report abuse
Posted by: cavatellie | February 25, 2010 11:03 AM | Report abuse
Posted by: writinron | February 25, 2010 12:00 PM | Report abuse
Posted by: TimeforMcCain | February 25, 2010 12:27 PM | Report abuse
Posted by: Whittier5 | February 25, 2010 12:43 PM | Report abuse
Posted by: kathymac1 | February 25, 2010 1:12 PM | Report abuse
Posted by: edvanrensyahoocom | February 25, 2010 1:33 PM | Report abuse
Posted by: knutton | February 25, 2010 1:53 PM | Report abuse
Posted by: RobParker | February 25, 2010 4:37 PM | Report abuse
Posted by: jpost1 | February 25, 2010 4:44 PM | Report abuse
Posted by: chynna12169 | February 25, 2010 6:34 PM | Report abuse
The comments to this entry are closed.