George S. May Business Blog

United States unemployment is not improving

The Labor Department released it’s weekly unemployment claims data and the news is, in a word, bad.

Weekly claims rose by an astonishing 8,000, bringing the total tally up to 480,000; a number far higher than most had predicted. Dow Jones estimated the number would be around 460,000 and Bloomberg, just yesterday, estimated it would have dropped to 455,000.

The four week average is rising as well, much to the dismay of Main Street and its expectations. That number went up 11,750 to 468,750.

With the above being said, it can all but be assumed that our nation’s total number of unemployed citizens rose as well. This week’s figure rose by 2,000 to 4,602,000, with the prior week’s data being revised to 4,600,000.

This whole “recovery” is getting harder, by the day, to look at in any sort of positive light. Brace yourself for tomorrow when January’s numbers come out.

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