Another Jump in Jobless Claims

James Picerno submits: You can’t squeeze blood out of a stone and apparently you’ll grow old waiting for initial jobless claims to fall far enough, fast enough to inspire something more than fleeting confidence about the prospects for job creation. Ok, we're exaggerating, but anyone who's been watching the labor market these last several years understands the sentiment.

James Picerno submits: Initial jobless claims dropped last week—the first since the drop at the end of March. But the question remains: Is the broader trend stuck in neutral?

New claims for US unemployment insurance benefits unexpectedly rose last week, largely due to Easter holiday-related factors, the Labor Department said Thursday.Initial jobless claims totaled a seasonally adjusted 484,000 in the week ending April 10, the highest level since late February, the department reported.That marked an increase of 24,000 from the prior week's unrevised figure of 460,000 and surprised most analysts who had forecast new claims would fall by 440,000.

WASHINGTON — The number of Americans filing new claims for unemployment benefits climbed last week at the fastest pace in six months, a worrisome sign for the economy which has been hit by government austerity. Initial claims for state unemployment benefits jumped by 32,000 to a seasonally adjusted 360,000, the Labor Department said on Thursday. That was the biggest jump since November and confounded analysts’ expectations for a more modest increase.

By James Picerno: The message in today’s update on initial jobless claims is that the labor market recovery has stalled. The crowd has more or less suspected as much these last several months, but today’s numbers drive home the point. It’s clear from looking at the trend that we’re stuck in an elevated range. It could be worse, of course. New weekly claims could be rising.

James Picerno submits: You can almost hear the collective sigh of relief after reading this morning’s update on initial jobless claims. There really wasn’t much room for more bad news, which makes last week sizable fall in new filings for unemployment benefits all the sweeter. Yup, we dodged a bullet here--for the second week in a row.

James Picerno submits: Seasonally adjusted jobless claims fell last week by 27,000—the biggest weekly drop in nearly two months and quite a bit more than the 2,000 retreat that economists generally were expecting. The news is a breath of fresh air for the business cycle, although it comes with some caveats.

James Picerno submits: Ouch! Suddenly the new year looks a lot less inviting. New jobless claims surged higher last week by 36,000 to a total of 445,000 on a seasonally adjusted basis, the government reports. That’s the biggest weekly gain since last July and the jump pushes the total to its highest in 10 weeks. Quoting the immortal question of every shell-shocked solider through history: Wha’ happn’d?