New Jobless Claims Highest Since February

From a shocked Associated Press:

New claims for unemployment aid reach 484K

August 12, 2010
WASHINGTON – New applications for unemployment insurance rose last week to their highest level in almost six months, a sign that employers are still cutting their staffs.

The Labor Department says first-time claims for jobless benefits edged up by 2,000 to a seasonally adjusted 484,000. Analysts had expected a drop.

Will we ever learn who these perpetually wrong analysts are? Are their names Christiana Romer and Jared Bernstein, by any chance?

That’s the highest total since the week of Feb. 20.
Initial claims have now risen in three of the last four weeks and are close to their high point for the year of 490,000, reached in late January.
The four-week average, which smooths [sic] volatility, soared by 14,250 to 473,500, also the highest since late February.
The total number of people receiving benefits dropped 118,000 to 4.45 million, the department said.

Needless to say, those economic mavens at Reuters were completely taken by surprise, as well:

Jobless claims unexpectedly rise in latest week

August 12, 2010
WASHINGTON (Reuters) – The number of people filing new claims for unemployment insurance unexpectedly rose in the latest week to its highest level in close to six months, a fresh signal of a weak jobs market.

The number of new claims for jobless benefits rose 2,000 to 484,000 in the week ended August 7, the second straight increase, Labor Department data showed on Thursday.
The four-week moving average, which economists prefer because it smoothes out weekly fluctuations, rose 14,250 to 473,500, also the highest level since the week ended February 20.
Economists polled by Reuters had expected claims in the latest week to fall to 465,000 from the previously reported 479,000.

The number of people still collecting unemployment benefits after an initial week of aid in the week ended July 31 fell 118,000 to 4.45 million, the lowest level since late June. Economists had expected 4.53 million. The four-week moving average of continuing claims fell 64,500 to 4.52 million, the lowest level since December 2008.

Because of people falling off the jobless benefits rolls.