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First-Time Jobless Claims Jump Unexpectedly
First-time jobless claims were up last week, the government said Thursday.
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WASHINGTON (February 4, 2010)--The number of newly laid-off workers filing initial claims for jobless benefits rose unexpectedly last week, evidence that layoffs are continuing and jobs remain scarce, the Labor Department said Thursday.
The increase is the fourth in the past five weeks.
Most economists had hoped that claims would resume a downward trend that was apparent in the fall and early winter.
The Labor Department said new claims for unemployment insurance rose by 8,000 to a seasonally adjusted 480,000.
Wall Street economists had expected a drop to 460,000.
The four-week average, which smoothes fluctuations, rose for the third straight week.
The number of people continuing to claim benefits was unchanged at 4.6 million.
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