New U.S. claims for unemployment benefits unexpectedly climbed to a nine-month high last week, yet another setback to the frail economic recovery.There's that word again: unexpectedly. The economic train wreck that began in 2008 continues to surprise.
Initial claims for state unemployment benefits increased 12,000 to a seasonally adjusted 500,000 in the week ended August 14, the highest since mid-November, the Labor Department said on Thursday.
Analysts polled by Reuters had forecast claims slipping to 476,000 from the previously reported 484,000 the prior week, which was revised up to 488,000 in Thursday's report.
Thursday, August 19, 2010
CNBC reports Weekly Jobless Claims Post Surprise Jump, Hit 500,000: