Weekly Initial Unemployment Claims increased to 428,000

From Calculated Risk:

The DOL reports:

In the week ending September 10, the advance figure for seasonally adjusted initial claims was 428,000, an increase of 11,000 from the previous week's revised figure of 417,000. The 4-week moving average was 419,500, an increase of 4,000 from the previous week's revised average of 415,500.

The following graph shows the 4-week moving average of weekly claims since January 2000:

Click on graph for larger image in graph gallery.

The dashed line on the graph is the current 4-week average. The four-week average of weekly unemployment claims increased this week to 419,500.

The 4-week average has been increasing recently and this is the highest level since early July.

Usually we hear all the reasons why special factors -- weather, strikes, etc. -- can explain the elevated numbers, and policymakers nod their heads and promise good times are just around the corner. I wonder if this time will be different.

[Also from CR: Industrial Production increased 0.2% in August, Capacity Utilization increases slightly, but "After the fairly rapid increase last year, increases in industrial production and capacity utilization have slowed recently."]