Thursday, February 19, 2009

Thursday Is New Jobless Day

Holy crap.

Initial claims for state unemployment insurance benefits were a seasonally adjusted 627,000 in the week ended Feb. 14 unchanged from an upwardly revised 627,000 the previous week.

According to department data, new claims hovered close to a 26-year high.

Analysts polled by Reuters had forecast 620,000 new claims versus a previously reported figure of 623,000 the week before.

The number of people remaining on the benefits rolls after drawing an initial week of aid surged 170,000 to 4.987 million in the week ended Feb 7, the most recent week for which the data is available. That was the highest reading on records dating back to 1967.