U.S. unemployment claims hit a 26-year high of 573,000

| 11 December 2008 10:50

Weekly jobless claims rose in the U.S. to the highest level since 1982, signaling a further deterioration in the U.S. employment market. The seasonally-adjusted number for initial claims was 573,000 while the real number was an eye-popping 757,481. Meanwhile continuing claims surged to 4.4 million, up 338,000 in one week alone.  In the reporting of these numbers, I have yet to see anyone realize this is the largest weekly increase in jobless ever.  Only one data point from November 1974 matches this weekly surge in continuing unemployment claims and the data series goes back to 1967.

Granted, there are significant data challenges during the holiday season due to seasonal adjustments, but there is no way to spin this data.They are grim.  Expect some serious job losses when the December unemployment report comes out in early January.

Source
Unemployment Insurance Weekly Claims Report – Department of Labor

avatar About Edward Harrison

Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages, a skill he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

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