New weekly jobless claims rise by 12,000 to 472,000

Eighteen(18) months into his Presidency and this is the result.

The number of people filing new claims for jobless benefits jumped last week after three straight declines, another sign that hiring remains weak, while consumer prices fell.

The Labor Department says initial claims for jobless benefits rose by 12,000 to a seasonally adjusted 472,000, the highest level in a month. Economists had expected claims would fall to a seasonally adjusted 450,000, according to Thomson Reuters.

First-time claims have hovered near 450,000 since the beginning of the year after falling steadily in the second half of 2009. That has raised concerns that hiring is lackluster and could slow the recovery.

The number of people continuing to claim benefits rose by 88,000 to 4.57 million.