Jobless claims spike

By Hibah Yousuf, staff reporter


NEW YORK (CNNMoney.com) -- The number of Americans filing first-time claims for unemployment insurance rose last week, according to a government report released Thursday.

There were 472,000 initial jobless claims filed in the week ended June 26, up 13,000 from an upwardly revised 459,000 in the previous week, the Labor Department said.

The number of claims was higher than expected. A consensus estimate of economists surveyed by Briefing.com expected 458,000 claims.

The 4-week moving average of initial claims, which levels out volatility, was 466,500, the highest level since March. The figure was up 3,250 from the previous week's revised average of 463,250.

"This is another disappointing number, and adds to the gloom and doom we've been seeing in the economy for weeks now," said John Canally, economist at LPL Financial.

Some of the spike could be due to workers who held temporary census jobs filing for unemployment insurance as their positions end, Canally said, as well as workers who have lost jobs due to the oil spill.

But the impact of those losses won't be clear until August, he said.

Continuing claims: The number of people filing continuing claims jumped to 4,616,000 in the week ended June 19, the most recent data available. That was up 43,000 from the preceding week's upwardly revised 4,573,000 claims.

The 4-week moving average for ongoing claims fell by 25,250 to 4,567,500 from the previous week's revised 4,592,750. That drop likely due to the more than 1 million people that are estimated to have exhausted their benefits since the deadline expired last month, Canally said.

The Senate failed to advance a bill Wednesday that included the unemployment benefits extension, but Senate Majority Leader Harry Reid, D-Nev., said the chamber will take up the benefits bill again.

Continuing claims reflect people who file each week after their initial claim until the end of their standard benefits, which usually last 26 weeks. The figures do not include those who have moved to state or federal extensions, or people who have exhausted their benefits.

State-by-state: Jobless claims in 11 states declined by more than 1,000 in the week ended June 19, the most recent state data available. Claims in Illinois dropped the most, by 3,711, which the state attributed to fewer layoffs in the trade and service industry.

Claims rose by more than 1,000 in five states, increasing the most in Michigan. Filings rose there by 1,251.  To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 16,501.65 0.00 0.00%
Nasdaq 4,148.34 21.37 0.52%
S&P 500 1,878.61 3.22 0.17%
Treasuries 2.69 0.00 0.07%
Data as of 5:18am ET
Company Price Change % Change
Facebook Inc 60.87 -0.49 -0.80%
Bank of America Corp... 16.34 -0.03 -0.18%
Microsoft Corp 39.86 0.17 0.43%
Verizon Communicatio... 46.28 -1.15 -2.42%
Micron Technology In... 26.16 -0.09 -0.34%
Data as of Apr 24
Sponsors

Sections

The billionaire co-founder of Alibaba has set up charitable trusts ahead of the company's highly anticipated IPO, a move that could mark the start of a new era of Chinese philanthropy. More

Hundreds of postal workers nationwide protested outside Staples' stores on Thursday. More

Federal regulators are poised to lay down new rules of the road for how Americans access the Internet. More

Schwinn, Trek and Cannondale are all iconic American bicycle brands. But none of them are made in the United States. More

Do you feel like you are overworked? Here are how other people deal with the stress and politics in their jobs. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.