New weekly unemployment claims go up again
After a one-week reprieve, the Department of Labor reports that new unemployment claims jumped back up above 400,000 again this week, ending at 408,000. That’s 9,000 more than last week, but the four-week average dropped by 3,500 to 402,500.
The four-week average is at its lowest level in four months, which is the silver lining in this cloud. But combined with yesterday’s news that the state unemployment rate had jumped nearly a half point, this has certainly not been a good week for the economy.