At Least the Decline Isn’t as Bad as in the First Quarter

Chris Robb:>Jobless claims jump on Chrysler bankruptcy: WASHINGTON (MarketWatch) — The number of new claims for state unemployment benefits jumped in the latest week as workers from Chrysler joined the ranks of the unemployed, according to official data released Thursday. Initial jobless claims rose 32,000 to a seasonally adjusted 637,000 in the week ended May 9, the Labor Department reported. This put the number at the highest level since mid-April. Claims had hit a three-month low in the prior week….>Continuing jobless claims rose by 202,000 in the week ended May 2 to a record seasonally adjusted 6.56 million. The April employment report, released last Friday, showed that the jobless rate rose to 8.9%, the highest since September 1983. See full story. But analysts have focused on the recent downward trend in claims. Claims hit a peak of 674,000 in late March. Economists had expected claims to move higher this week. Roughly 27,000 hourly employees of Chrysler were laid off in the wake of the company’s bankruptcy filing. There were also layoffs at parts suppliers.

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