from CNN Money:
Jobless claims dent recovery hopes
Initial claims jump 11,000 to 531,000, much more than expected. Filings had fallen five of the past NEW YORK (CNNMoney.com) -- The number of first-time filers for unemployment insurance rose last week, snapping two weeks of significant declines, according to a government report issued Thursday.
There were 531,000 initial jobless claims filed in the week ended Oct. 17, up 11,000 from an upwardly revised 520,000 the previous week, the Labor Department said in a weekly report. The week included the Columbus Day holiday.
A consensus estimate of economists surveyed by Briefing.com expected 515,000 new claims.
"
is somewhat surprising," wrote Jim Baird analyst at Plante Moran Financial Advisors, in a research note. "Excess slack in the system and employers' hesitance to ramp up hiring appear likely to weigh on the labor markets for some time."
The 4-week moving average of initial claims was 532,250, down 750 from the previous week's revised average of 533,000. ...........(more)
The complete piece is at: http://money.cnn.com/2009/10/22/news/economy/initial_claims_jobless/?postversion=2009102209
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