Surprise! 500,000 Jobless Claims Last Week

Recovery Summer continues with a spike in new unemployment claims.  Are you surprised?  CNBC sure is.

Weekly Jobless Claims Post Surprise Jump, Hit 500,000

New U.S. claims for unemployment benefits unexpectedly climbed to a nine-month high last week, yet another setback to the frail economic recovery.

Initial claims for state unemployment benefits increased 12,000 to a seasonally adjusted 500,000 in the week ended August 14, the highest since mid-November, the Labor Department said on Thursday.

Analysts polled by Reuters had forecast claims slipping to 476,000 from the previously reported 484,000 the prior week, which was revised up to 488,000 in Thursday’s report.

I wonder if Barry will take a break from golfing or gorging ice cream in public on his zillionth vacation of the year to tell us how wonderful the economy is?

He’ll be not really on vacation here:

H/T: PISSED