The Labor Department’s four-week moving average of first-time jobless claims, which is meant to iron out weekly anomalies in the data, also rose to by 6,000 to 473,750, the highest rate in three months. Any figure over 400,000 shows a deteriorating employment situation.
“The progress toward an ‘improving’ labor market climate (initial claims below 400,000)—as opposed to a ‘less-bad’ climate—has come to a halt,” concluded Ken Mayland of ClearView Economics.
Continuing claims—by unemployed workers who have received more than a week’s jobless benefits—rose by 6,000 to 4.62 million for the week ending February 13, and the four-week average of continuing claims also rose to 4.6 million.
Meanwhile, Jobless Claims
continue to go upward, doubtless aided and abetted by lousy weather back east.
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