Filings for unemployment benefits exceeded expectations by 15,000, bumping the seasonally adjusted number of new claims to a total of 478,000 for last week. The increasing numbers highlight further signs of a deteriorating job market, though effects from Hurricane Ike likely played a role in new claims as well. A four week average of unemployment claims actually decreased by 4,500 but remains nonetheless higher than usual amid worsening economic trends. Total continued claims have surpassed 3 million for the 26th straight week, suggesting that work is becoming more and more difficult to find.
See "Rise in Jobless Claims Exceeds Forecast", The New York Times, October 22, 2008