New Jobless Claims “Unexpectedly” Rise

“Unexpected” is becoming the most overused word in the U.S. these days, only to be outdone by “unprecedented.”

New jobless claims filed last week made a surprise jump to 474,000, the Labor Department said moments ago, up from 457,000 the week before.

Continuing claims dropped to 5.16 million last week from 5.46 million the week before.

Forecasters expected last week’s new jobless claims to come in at 450,000.