Jobless claims surge to highest level in 6 years

Claims for unemployment insurance at highest point since March 2002; layoff filings worse than expected.

Last Updated: August 7, 2008: 9:20 AM EDT



WASHINGTON (AP) -- The number of newly laid off people signing up for jobless benefits last week climbed to its highest point in more than six years as companies cut back given the faltering economy.
The Labor Department reported Thursday that new applications filed for unemployment insurance rose by a seasonally adjusted 7,000 to 455,000 for the week ending Aug. 2. The increase left claims at their highest level since late March 2002.

A program to locate people eligible for jobless benefits played a role in the increase, a Labor Department analyst said. However, the analyst couldn't say how much of a role.
The latest snapshot of layoff filings was worse than analysts expected. They were forecasting new claims to drop to around 430,000.
The data disappointed Wall Street. Stocks appeared headed for a lower opening with the Dow Jones industrial average futures down 99 at the 11,532 level.

The new layoff filings were distorted by the outreach program to notify people that they could qualify for additional benefits under a new law.
When people went to state claims offices to apply for these extended benefits, state officials discovered that some were eligible for - but haven't filed for - their initial unemployment benefits, the Labor Department analyst said. That accounted for some of last week's increase, he said.
Meanwhile, the four-week moving average of claims, which smooths out weekly fluctuations, rose to 419,500 last week, the highest since mid-July 2003.

The number of people continuing to collect unemployment benefits went up by 31,000 to 3.3 million for the week ending July 26, the most recent period for which that information is available. That was the highest since early December 2003.


Rest of the story >> Jobless claims hit 6-year high

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Proud Supporter Of: St. Jude Children's Research Hospital

Very sad so many people are out of work. I sure hope things get rolling soon.

Considering there are thousands of Americans that are unemployed, those idiots in D.C. still want to increase the cap on the H-1B visas. Its almost like they want us to be unemployed so the can give the jobs to foreigners.

Stupidity has no end.

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"The difference between genius and stupidity is; genius has its limits". - Albert Einstein

H-1B visa holders aren't taking American jobs.

Well i don't know who's taking them but it sure is getting hard to find one.

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Proud Supporter Of: St. Jude Children's Research Hospital

It is getting very scary out there!!!!! and no one seems to be doing anything about it either??? I am on the phone with unemployment right now as I wright this???!!!!








American only truck crazy girl , cause nothing else will do!!!

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I personnaly think the reason for the spike has something to do with the extension of unemployment benefits.

There's jobs out there. you just have people playing the unemployment game and not really looking get one.

That is not always the case!!! When you are on it, you do not have to accept any thing lower that the wage you had before. My husband made more on unemployment, than he does through the temp, so why would you go off of it when you dont have to!!!???




American only truck crazy girl,cause nothing else will do!!!!!!

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