New jobless claims filed last week rose by 25,000 to 471,000, the government reported moments ago, defying predictions that they would drop. It’s the largest rise in three months.
The four-week moving average of new jobless claims, which smooths out week-to-week volatility, rose 3,000 to 453,500.
The official U.S. unemployment rate in April was 9.9 percent, up from 9.7 percent in March. But 290,000 new jobs were added to payrolls, encouraging those who believe a recovery is underway.
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“If We Do the Possible, God Will Do the Impossible”
