WASHINGTON (Aug. 20, 2010) — Seasonally adjusted initial unemployment claims hit 500,000 for the week ending Aug. 14, a jump from 488,000 the previous week, according to the latest figures from the U.S. Department of Labor.
This represents the first time unemployment claims have hit the 500,000 mark since November 2009. The Dow Jones Industrial Average fell 144 points to 10,271 Aug. 19, because investors expected the unemployment claims rate to fall rather than rise.
The four-week moving average for initial unemployment claims was 482,500, up 8,000 from the previous week.