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. USN

    Is obama going to say we have turned the corner AGAIN ! Hows that hope and change worken for ya .

    August 19, 2010 09:02 am at 9:02 am |
  2. Bassman

    Pres. Obama is in over his head.

    August 19, 2010 09:03 am at 9:03 am |
  3. w l jones

    Out of over three hundred million soul those numbers is very low filing for the first time.

    August 19, 2010 09:06 am at 9:06 am |
  4. ed

    Summer of recovery my butt.

    August 19, 2010 09:07 am at 9:07 am |
  5. Paul from Phoenix

    Wow, this "Recovery Summer" has been great so far.

    So, does the term "Rcovery Summer" officially go into the lexicon of Presidential goofs, next to "Mission Accomplished"? I think it does.

    August 19, 2010 09:08 am at 9:08 am |
  6. aproudmemberoftheunpatrioticmob

    Looking more like that "summer of prosperity" thing is working like the "hope and change" thing. Another liberal lie, that is costing us billions of dollars, while the SEIU, AFSCME and the NEA are making out like bandits. That is what happens when an election is stolen and an inept, incompetent, corrupt union toady is president and is abetted by an out of touch, corrupt congress. We can get rid of congress in November, unfortunately, unless he mans up and admits he doesn't have a clue and resigns, we are stuck with this fool of a president until 2012. At 4 vacations per month, that means ......!

    August 19, 2010 09:08 am at 9:08 am |
  7. GL

    It is time the Republicans quit playing games and help the democrats with a good job bill. I am sick of these Republicans just sitting on the sideline waiting to Nov. so the voters can vote then back in. This is not Obama problem only – this is everybody problem.

    August 19, 2010 09:11 am at 9:11 am |
  8. GL

    I guest we will be hearing from the nasty Republicans that are so glad the economy is not doing as well as we hope it would do. Republicans are very evil people and never need to win back Congress. This was all their doing and they refuse to lift a finger to help out. All they don't is run their stupid mouth.

    August 19, 2010 09:16 am at 9:16 am |
  9. Mr. Blue

    Mr. Obama, where are the jobs? You wasted 1 Trillion dollars and promised jobs, WHERE ARE THE JOBS?

    August 19, 2010 09:18 am at 9:18 am |
  10. MacTooley

    Keep it up Mr community organizer At this rate the "Green Jobs" you keep boasting about will be grown adults mowing lawns and raking leaves to put dinner on the table

    August 19, 2010 09:19 am at 9:19 am |
  11. Rick McDaniel

    No surprise to me.......I already knew it it was coming.

    August 19, 2010 09:19 am at 9:19 am |
  12. Jack

    Here is an interesting bit of info: What state has some of the lowest unemployment? Alaska. What state gets the most federal money pumped into it's economy? Alaska. Alaskans get $5.65 cents back for every $1.00 they pay in taxes to the Fed. I say take some of that money and put it back into the rest of th country, particularly the rust belt states. They're all anti-federal gov't up there anyway.

    They're cry is to let them be in control of their resources. Well, let BP go in and destroy their environment and they'll coming demanding, like LA, that the fed gov't should clean it up and isn't doing enough. These states pay so little in taxes and get so much in return I don't get the disconnect.

    August 19, 2010 09:23 am at 9:23 am |
  13. Shayne from NH

    Of course they are increasing. If you keep giving away free money (a la China) and offer no incentive for people to get a job then yes, insurance claims are going to go up. Our "economy" is in this state because of Obama's ridiculous populist idea of helping these people.

    I once hit rock-bottom several years back and I tell you, if you need to get a job, if you REALLY need to survive, you can. McDonald's sucks but at least you can end the day with a feeling that you worked for it and did it without relying upon the rest of America.

    I voted for the fool but I wasn't going to let Palin in either. Thanks to these politicians I will vote libertarian or anything other than the standard two-party joke we currently have in place.

    In all honesty, with Obama's antics lately I think he is aiming for a 1-term presidency. I really don't think he cares about being re-elected. And that's fine with me.

    August 19, 2010 09:26 am at 9:26 am |
  14. doug

    Too bad that the stimulus money was used entirely as a payback for the unions and other libs who got Obama elected, and not to stimulate the job market and economic growth.

    It is time for the slaves to rise up against their masters. Everyone who works hard in the private sector is a slave to the non-productive leeches in the public sector. Democrats are the party of non-productive slobs making 100k a year for doing absolutely nothing.

    Support America, support honest, fairness, and true compassion, vote Republican.

    August 19, 2010 09:27 am at 9:27 am |
  15. Independent

    Gee where are those 5 million new jobs that Obama promised us on the campaign trail ?

    August 19, 2010 09:28 am at 9:28 am |
  16. Willy Brown

    Hope & Change is working...

    August 19, 2010 09:31 am at 9:31 am |
  17. Tom-Vermillion Ohio

    Pretty darn serious stuff. We really need to get congress serious and get them to buckle down and fix this problem. The Republicans these days seem to have way too much nonsense in their heads these days. So far none of what they are saying makes no sense whatsoever in terms of fixing this economy. It is as though they WANT Main Street to be in impoverty while Wall Street becomes even more wealthy as a result of Main Street's impoverishment.

    August 19, 2010 09:38 am at 9:38 am |
  18. Charles

    No oh, barney frank is saying he was mislead by the spending package. Go figure!

    August 19, 2010 09:41 am at 9:41 am |
  19. th

    It is because the businesses don't think they will be able to pay their executives their enormous wages so they are not hiring. If they start hiring more people have money to spend thus more people buying their products. It doesn't take a rocket scientist to figure that out.

    August 19, 2010 09:43 am at 9:43 am |
  20. Bobert

    Guess the summer of recovery is over?

    August 19, 2010 09:46 am at 9:46 am |
  21. obozo

    Boy, what a recovery we're having. The stimulus sure is working. lol

    August 19, 2010 09:48 am at 9:48 am |
  22. terry,va

    Where's the jobs Obummie? All you care about is stirring up racial and religious issues. We aren't interested in your radical ideas and policies. WE ARE INTERESTED IN JOBS !!!!!!!!

    August 19, 2010 09:48 am at 9:48 am |
  23. Alan

    I guess Obama will be directing his laser like focus on jobs while he is on his 4th vacation in 2 mos.

    Keep up the great job 'Bam and Joe!!!

    August 19, 2010 09:48 am at 9:48 am |
  24. Al-Virginia

    Looks like the stimulus package is working in reverse. Maybe that money should be put back in the treasury. Only employment gains that resulted from this package was the Unions and government employee ranks.

    August 19, 2010 09:57 am at 9:57 am |
  25. Jobe

    You can't love jobs and hate the people that create them. As a business owner I feel like we have been assaulted and insulted by our President. On top of that taxes are going to go up if it is left to the loons we have running things currently and this is only going to agitate those creating jobs more if that is possible. It is unlikely we will hear anything on taxes before November because bullies usually lack courage when they feel confronted.

    August 19, 2010 09:58 am at 9:58 am |
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