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Unexpected jump in unemployment applications

Veronica C. | July 4, 2012

It seems that the surprising economic growth that the U.S. enjoyed throughout the end of 2011 and the first months of 2012 is slowly grinding to a halt. Despite steady decreases in unemployment applications and new jobs being added every month, a recent survey conducted by the U.S. Department of Labor indicates that these figures are beginning to reverse.

According to Bloomberg, the first full week in June came with more unemployment applications than previously expected. At the start of the month, many financial authorities predicted that the 380,000 jobless claims would drop to about 375,000 – as based on a survey conducted by the news source. However, the Labor Department reports that the figure increased by 6,000 for a total of 386,000 applications.

Fox News notes that this is the third week in a row that unemployment claims have risen, resulting in a four-week average of 382,000 – the highest it’s been since mid-April. This data coincides with a sudden drop in people who have already been receiving jobless benefits due to these long-term programs ending in several states.

“This is a bit of a notch-shift higher with jobless claims,” said BNP Paribas economist Bricklin Dwyer to Bloomberg. “We’ve seen some disappointing employment reports in May. The labor market is just kind of mediocre right now, not gaining much traction.”

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Category: Employers

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