Let's hope it's just a pause in the pink slip decline. Initial jobless claims unexpected rose 32,000 to 637,000 for the week ending May 9, the U.S. Labor Department announced Thursday.
Further, continuing claims surged 202,000 to a record 6.356 million. Economists surveyed by Bloomberg News had expected this week's initial jobless claims to total 601,000. The 4-week moving average increased 5,000 to 624,500.
This week's labor market culprit? The roughly 27,000 laid-off, hourly auto workers from Chrysler, who lost jobs when the company idled certain plants May 1.