U.S. unemployment claims rise to 445,000

U.S. unemployment claims rise to 445,000

2011-01-14 08:04:50 GMT+7 (ICT)

WASHINGTON (BNO NEWS) - The number of U.S. workers filing for unemployment benefits jumped to the highest level in more than two months, the U.S. Labor Department reported on Thursday.

The number of initial claims was 445,000 in the week ending January 8, showing an increase of 35,000 from the prior week's revised figure of 411,000.

Applications usually rise in early January after a fall during the winter holiday season. A Labor Department spokesman said the highest number of claims are usually registered during the second week of January, when seasonal factors are omitted.

"I don't think there all of a sudden is a bunch of additional layoffs," the spokesman said, as reported by MarketWatch.

The four-week moving average, which is considered a more accurate measure, jumped to 416,500, increasing 5,500. While the number of people who continue to receive unemployment checks dropped by 248,000 bringing the number to 3.88 million in the week ended Jan. 1.

Hiring will have to occur at a much faster pace to bring unemployment rates down. More than 8 million workers lost their jobs at the height of the recession.

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