Jobless Claims on Rise

The Department of Labor said Thursday that seasonally adjusted jobless claims were up to 500,000 in the week ending Aug. 14, up 12,000 from the previous week.

August 19, 2010
By Allison Landa, News Editor

The Department of Labor said Thursday that seasonally adjusted jobless claims were up to 500,000 in the week ending Aug. 14, up 12,000 from the previous week.

That disappointing jobs news ran counter to expectations for better news and spurred a Wall Street drop early in the day. Jobless claims are now at the highest level since last November.

July’s unemployment rate remained at 9.5 percent.

According to the Department of Labor, the advance seasonally adjusted insured unemployment rate was 3.5 percent for the week ending Aug. 7, the same as the previous week’s unrevised rate. For the week ending July 31, the highest insured unemployment rates were in Puerto Rico (6.7 percent), Pennsylvania (4.8 percent), and New Jersey (4.6 percent).