Jobless claims increase more than expected

The number of U.S. workers filing claims for jobless benefits rose by 15,000 last week, which was more than analysts expected, according to The New York Times.

Analysts had forecast a total of 470,000 jobless claims, but the total was a seasonally adjusted 478,000 jobless claims for the week ending Oct. 18. The effects of Hurricane Ike in Texas reportedly added 12,000 claims to the total.

When there are more than 400,000 jobless claims, it is considered a sign of recession. The jobless claims count was 333,000 a year ago, reflecting a 44 percent increase.

Date : 10/23/2008