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Old 10-18-2012, 01:54 PM   #73
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Default Re: Unemployment Drops Below 8%, Conservatives Cry Conspiracy

Jobless claims snap back up
By Annalyn Censky @CNNMoney October 18, 2012: 10:43 AM ET

NEW YORK (CNNMoney) -- First-time claims for unemployment benefits are on a roller coaster. The number snapped back up last week, after falling to a four-year low the week before.
About 388,000 people filed for first-time unemployment benefits in the week ended October 13, up 46,000 from the previous week, the Labor Department said Thursday.

The last two weeks have swung dramatically in both directions, with initial claims first dropping to a revised 342,000, the lowest level in four years, and then suddenly popping back up last week.
Economists attribute the volatility to the end of the quarter and the Columbus Day holiday.
"The volatility in the last few weeks appears to reflect seasonal adjustment challenges around the start of a quarter," said Jim O'Sullivan, chief U.S. economist for High Frequency Economics.
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