More Americans filing for unemployment

By Annalyn Censky, staff reporter


NEW YORK (CNNMoney.com) -- The number of Americans filing for first-time unemployment benefits rose by 2,000 in the latest week, pointing to continued weakness in the job market, the government reported Thursday.

The number of initial filings rose to 439,000 in the week ended Nov. 13, the Labor Department said. The number was slightly better than the 442,000 economists surveyed by Briefing.com had expected, but higher than the revised 437,000 initial claims filed the week before.

Overall, the weekly number has been treading water since last November, hovering in the mid to upper 400,000s and even ticking slightly above 500,000 in mid-August.

Economists often say the number needs to fall below 400,000, before the stubbornly high unemployment rate can start dropping significantly.

That said -- initial claims have stayed below the 440,000 level for three of the last four weeks, and that could be seen as a bright spot.

Jennifer Lee, senior economist with BMO Capital Markets, called the data "not that bad," and Zach Pandl, an economist with Nomura said the recent claims data have boosted his optimism about the job market.

Bruce Yandle, an economics professor at the Mercatus Center at George Mason University said the numbers could point to a temporary steady period, just before jobless claims start trending down more significantly.

"What we're looking at is a time where the economy is getting it's legs and moving positively in rebuilding employment," Yandle said.

The four-week moving average, calculated to smooth out volatility, totaled 443,000, down from the previous week's revised average of 447,000.

The number of people continuing to file unemployment claims for a second week or more fell to 4,295,000 during the week ended Nov. 6, the most recent data available. That's down 48,000 from a revised 4,343,000 the week before, and the first time since last year that the number has slipped below the 4.3 million mark.

Unemployment benefits are currently in the spotlight, as Congress considers extending the deadline for filing for federal jobless benefits. Without Congressional action before Nov. 30, 2 million people will run out of unemployment benefits next month.

Under a bill introduced in the House Wednesday, the unemployed would have three more months to file for extended jobless benefits. But getting the $12.5 billion bill through Congress, particularly the Senate, will not be easy.

Unemployed Americans have collected $319 billion in jobless benefits over the past three years, according to a CNNMoney analysis of federal records.  To top of page

Just the hot list include
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 32,627.97 -234.33 -0.71%
Nasdaq 13,215.24 99.07 0.76%
S&P 500 3,913.10 -2.36 -0.06%
Treasuries 1.73 0.00 0.12%
Data as of 6:29am ET
Company Price Change % Change
Ford Motor Co 8.29 0.05 0.61%
Advanced Micro Devic... 54.59 0.70 1.30%
Cisco Systems Inc 47.49 -2.44 -4.89%
General Electric Co 13.00 -0.16 -1.22%
Kraft Heinz Co 27.84 -2.20 -7.32%
Data as of 2:44pm ET
Sponsors

Sections

Bankrupt toy retailer tells bankruptcy court it is looking at possibly reviving the Toys 'R' Us and Babies 'R' Us brands. More

Land O'Lakes CEO Beth Ford charts her career path, from her first job to becoming the first openly gay CEO at a Fortune 500 company in an interview with CNN's Boss Files. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.