Initial Jobless Claims Increase
Initial unemployment applications unexpectedly increased from 460,000 last week to 484,000 this week.
An unnamed Labor Department official quoted in the wire stories says: “Volatility is always associated with the Easter holiday” and “This is more attributable to administrative factors than to possible layoffs. I did not see anything in the states’ numbers that would reflect economic concerns.”
That said — even if the number does not imply increased layoffs, it certainly does not indicate a willingness to hire on the part of businesses. Thus, the jobless recovery continues.