Thursday, February 15, 2007

Weekly Unemployment Increases 44,000

From the Department of Labor:

In the week ending Feb. 10, the advance figure for seasonally adjusted initial claims was 357,000, an increase of 44,000 from the previous week's revised figure of 313,000. The 4-week moving average was 326,250, an increase of 17,500 from the previous week's revised average of 308,750.

Watch the 4-week moving average.

What's interesting about this report is that despite a large increase, there are only two states in the 1,000+ layoff category.

According to CBS Marketwatch

The unemployment lines grew longer last week, in part because of bad weather in the Midwest and Northeast, the government reported Thursday. The number of people collecting unemployment benefits rose to the highest level in a year.

So at least some of this is weather related. We'll have to see if the trend decreases over the next few weeks.