First-Time Unemployment Claims Increase; Breaks A 5-Week Streak

Just two days ago, I wrote about the unemployment picture getting worse.

Today it was reported that first-time unemployment claims increased last week for the first time in five weeks.

Initial claims for jobless aid rose by 12,000 to a seasonally adjusted 465,000, the Labor Department said Thursday. Many economists had expected a flat reading or small drop.

As usual, the standard line: the numbers surprised the analysts.

Initial claims for jobless aid rose by 12,000 to a seasonally adjusted 465,000, the Labor Department said Thursday. Many economists had expected a flat reading or small drop.

As Warren Buffett said this past week: we are still in a recession.