What the Figures Show
As of August 14, seasonally adjusted initial claims were at 500,000, according to the report. This represents a 12,000-claim increase from the previous week’s figure of 488,000. A comparison to the July 31 figures showed even more bad news. In July, seasonally adjusted initial claims were at 482,000. Not only did the numbers grow over the past few weeks, but they have been growing over the past month.
Wisconsin and Puerto Rico fared well, seeing decreases of 1,873 and 1,014, respectively, in their unadjusted initial claims. The less fortunate states with increases in unadjusted initial claims of more than 1,000:
- California had 4,393 more claims due to layoffs in the service industry.
- Indiana had 1,999 more claims due to layoffs in the manufacturing industries.
- North Carolina had 1,895 more claims due to layoffs the construction, service, industrial machinery, computer equipment, electrical equipment, electronic equipment, and textile industries.
- Pennsylvania had 1,626 more claims due to layoffs in the transportation, industrial machinery, construction, and service industries.
- Georgia had 1,458 more claims due to layoffs in the construction, trade, service, and manufacturing industries.
- Michigan had 1,347 more claims and did not report why.
- Oregon had 1,268 more and did not report why.
- Florida had 1,199 more claims due to layoffs in construction, trade, services, and manufacturing industries.
- Illinois had 1,150 more claims due to layoffs in the construction, trade, and manufacturing industries.
- Texas had 1,071 more claims due to layoffs in the service and manufacturing industries.
Bad News for Economists, Americans
More than eight million jobs have been lost during the recession and everyone is pushing for a faster recovery. Although the economy grew a bit in the first quarter, many people are still nervous because of the increase in unemployment. The worst part about these figures is that many people are filing for unemployment for the first time, meaning there are more and more Americans joining the jobless pool.
To read more about the figures or for quotes from Steven C. Wieting, Citi economist, check out the New York Times article “Jobless Filings at Highest Point Since November.”