August 19th, 2010
08:58 AM ET
4 years ago

Jobless claims lurch to 500,000

ALT TEXT

 A jobs fair in Washington, DC. On Thursday, the federal government announced that the number of first-time filers for unemployment insurance rose to 500,000. (PHOTO CREDIT: Getty Images)


New York (CNNMoney.com) – In a troubling sign for the economy, the number of first-time filers for unemployment insurance rose to 500,000 last week, according to a government report released Thursday.

It was the third weekly increase in a row. There were 12,000 more claims filed last week over a revised 488,000 the previous week, the Labor Department said.

A consensus estimate of economists surveyed by Briefing.com expected 475,000 new claims for the week that ended Aug. 14.

Initial claims had been mired in the mid- to upper-400,000s since November.

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Filed under: CNNMoney.com • issues • unemployment
soundoff (42 Responses)
  1. Dean

    With all the people who are unemployed and not collecting bebefits, our real unemployment rate is about 15%. Way to go Obama. I'll bet you really need a vacation after all your hard work.

    August 19, 2010 10:00 am at 10:00 am |
  2. jules sand-perkins

    Don't worry at all.
    President Obama probably saves more jobs than that every week.
    The economy is getting better every day! It's all around you–just look.

    August 19, 2010 10:00 am at 10:00 am |
  3. Justen in Florida

    How's that "Hope and Change" working for ya people?

    Obuma put that gas in your car yet?

    paid yer mortgage?

    let yer man out of prison?

    ROFL!

    August 19, 2010 10:06 am at 10:06 am |
  4. Augsbee

    Big businesses, small businesses will continue to hold off on hiring due to uncertainty, we don't know what exactly will happen with taxes, healthcare bill, all this financial reform this administration keeps tossing around, etc....it's as simple as that. Hopefully, employees, the unemployeed, the media, will at some point understand the Reality of how a business works and how we reach decisions.

    August 19, 2010 10:08 am at 10:08 am |
  5. ConstitutionalPatriot

    The real unemployment numbers have long been much higher than the government is reporting. The Obama administrations propaganda campaign regarding turning the corner and green shoots for the economy is losing steam and Americans are beginning to see through it. Look for the real possibility of a dollar collapse in the near future since the Federal Reserve has doubled the monetary base over the past 2 years. We have escaped inflation so far but it is coming and it will hit hard. Coupled with the change in Chinese monetary policy, look for not so cheap Chinese goods and extremely tough times ahead for the average American. Until we reject keynesian economics nothing will change! Real hope for America in my opinion only comes from us as a people embracing Ron Paul's common sense message in 2012 and righting this sinking ship called America. Wake up people and don't say you weren't warned. Look at the facts!

    August 19, 2010 10:10 am at 10:10 am |
  6. JES

    Obama you are the best person for the job. You know how to spend our money but not worth a crap in gettings Americans back to work.

    2012 can't come soon enough.

    Is there anything we can do to for you to take early retirement. I think the voters would continue to give you you salary. That just might be the cheaper way out for our Country.

    August 19, 2010 10:11 am at 10:11 am |
  7. Richard Komi

    As the number of jobless Americans continue to grow the number of jobless Chinise continue to decrease. A clear sign that more Americans companies have moved their manufacturing plants to China in the search for cheap labor. These companies after producing their goods ship them to America for sell expecting Americans to buy them when there is no money in their pockets. Consequently Americans are more in debt than before. When will corperate America realize that those jobs flying to China are needed here at home?

    August 19, 2010 10:11 am at 10:11 am |
  8. Sniffit

    Meh...just big business trying to influence November. At some point, they'll start hiring again...once they're sick of spending profits by firing people and thereby reducing productivity in a bid to get corporatocrats elected. Just watch...after November passes and either the Dems have maintained their majorities or corporate America has broken the government by handing Congress to people who intend to do absolutely nothing for anyone who is not already wealthy for the next two years, it'll start to abate. The abuse of the middle-class for political leverage can only go on so long before it starts to pinch CEOs' and Board of Directors' incomes. If the Dems maintain control and hiring rising after November, they'll all claim it was just a natural correction...if it's the GOPers, they'll claim confidence magically rose because the GOP "has it right"...when the REALITY is, the GOP just has it right for them, but not in any way, shape or form right for the rest of us (not to mention if the GOP takes Congress, their demogoguery will abate somewhat, ridding us of a major, baseless source of economic insecurity and confusion..pretty convenient, eh?). Quote me on it in December/January.

    August 19, 2010 10:12 am at 10:12 am |
  9. aunt Bea and Opie

    The 10 million good jobs that Bush and Cheney sold to commie countries wont come back till Americans are happy to make 50 cents an hour.

    August 19, 2010 10:13 am at 10:13 am |
  10. Keith in Austin

    Socialism doesn't work at the expense of a Capitalistic Society!

    August 19, 2010 10:17 am at 10:17 am |
  11. Jeff from Va

    Hey Democrats, keep doing what you are doing, keep telling yourself and us that it is "Not as bad as it Seems". Eventually somthing will have to change.

    August 19, 2010 10:20 am at 10:20 am |
  12. A True Centrist

    Thanks again Mr President for the "Recovery Summer"...it's been great.

    August 19, 2010 10:24 am at 10:24 am |
  13. Buster

    And nobummer calls this the "SUMMER OF RECOVERY". This country cannot take any more of the liberals recovery. nobummer says he created millions of jobs and if that is true how is it that unemployment keeps going up and up and up and up? The only jobs he has saved are union jobs and now he and liberal demorats want the American taxpayer to put billions into union pension accounts to bail them out. Even the idiot liberal voters should see something wrong with this.

    August 19, 2010 10:34 am at 10:34 am |
  14. DUMocRATS RECORD DEFICITS + TAXES

    OBOZO's plan, working like a charm.

    How's the Hopey Dopey Change working for you now?

    August 19, 2010 10:42 am at 10:42 am |
  15. False and Biased brought to you by the GOP

    And still the GOP wants to do absolutely nothing but criticize our President and those who are trying to help. What is the GOP's solution - oh, that's right, tax cuts solve everything (LOL!). President Obama is doing everything possible, but it is going to take quite a while for our country to fully come out of this recession. This was many years in the making and our President has only been able to work on solutions for less than two years and with the party of NO trying to thwart every possible plan to help.

    August 19, 2010 10:43 am at 10:43 am |
  16. Dar

    Now that the normal summer jobs are ending the claims will continue to rise into the winter months. This is the norm.
    The stimulas bill was and will continue to be a failure no matter what Odumbo spews out of his mouth on how the bill saved and created so many jobs.
    You cant throw money to to people and bussinesses that will never pay it back. It's lost and someone has to flip the bill for it. Anyone want to guess who, COME ON kool aid sippers, WHO.
    Odumbo has not a clue how to get this nation back on it's feet. if he did then why is he creating so many differant commisions to tell him what to do. (I thought he was the ONE)
    Odumbo is a fool and fools but him in office, now we all have to live with this mistake. Thanks

    August 19, 2010 10:45 am at 10:45 am |
  17. jim

    We've been told for months by this administration and the folks at CNN that we're in a recovery mode and that things are getting better with the economy.How come the people out her don't see this improvement and the numbers keep getting worse?

    August 19, 2010 10:52 am at 10:52 am |
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