Unemployment benefit filings jump up again

@CNNMoney May 26, 2011: 9:34 AM ET
initial claims

Job seekers line up to at a job fair in New York City.

NEW YORK (CNNMoney) -- More Americans filed for their first week of jobless benefits last week, marking the seventh straight week in which more than 400,000 people have been added to the unemployment rolls.

In the week ended May 21, 424,000 Americans filed for their first week of unemployment benefits, the Labor Department said Thursday.

Help, I'm (under)employed!
This six people have jobs, but they're barely getting by.

That marked an increase of 10,000 from the revised 414,000 initial claims filed the week before, and defied economists' forecasts for 400,000 claims.

Economists look to the weekly initial claims numbers for signs of strength in the job market. When the number fell to 375,000 in February, the lowest level in nearly two years, it was seen as encouraging sign. But since then initial claims have struggled to continue on a downward path, and the figure has chopped around above the 400,000 level for seven straight weeks.

"Ultimately, this is reflective of modest weakening in the job market," said Tim Quinlan, economist with Wells Fargo Securities. "You can have 400,000 people a week go into the unemployment office and still have job growth, but it's not likely to be the kind of job growth that brings the unemployment rate down."

In the years between the 2001 recession and the latest financial crisis, weekly initial claims hovered mostly in the 300,000s, and the economy saw substantial job growth.

The number of Americans filing for ongoing claims fell 46,000 to 3,690,000 in the week ended May 14, the latest data available.

Florida, Georgia, New Mexico and Idaho saw the largest increases in initial claims during that week. California, Michigan, New York, Alabama and Wisconsin had the biggest improvement. To top of page

Overnight Avg Rate Latest Change Last Week
30 yr fixed3.80%3.88%
15 yr fixed3.20%3.23%
5/1 ARM3.84%3.88%
30 yr refi3.82%3.93%
15 yr refi3.20%3.23%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Economic Calendar
Latest ReportNext Update
Home pricesAug 28
Consumer confidenceAug 28
GDPAug 29
Manufacturing (ISM)Sept 4
JobsSept 7
Inflation (CPI)Sept 14
Retail sales Sept 14
  • -->

    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.