Jobless Rate In US Hits 5.47 Million

The jobless rate in the United States has climbed to 5.47 million in the week ending March 14 up from the previous week's 5.288 million.

The four week average of new claims has risen from February 21st 646,000 to 654,750. There is a slight bit of good news though as first time claims for unemployment benefits decreased slightly. There is an increase though for continuing claims. Last week's estimate for this week was 658,000 for new claims. The actual number for new claims was 646,000 according to the Labor Department. RTT News reports:

"The data speaks for itself and the story remains the same, more weakness, "said Peter Boockvar, equity strategist at Miller Tabak. "The hope though is that since this is a lagging indicator, the economy will start to improve before this data does, but who knows when."

The increase of continuing claims shows that laid-off employees are having difficulty in finding new work. The numbers are not completely accurate. There is an additional 1.5 million people who are getting benefits under an extended unemployment compensation program. The program started last year after being approved by Congress. The job situation does not look good for many seeking employment as more and more companies are having to slash their work force in order to survive the recession.