Thursday, August 30, 2012

Jobless Claims Higher Than Expected

And last week's jobless claims revised upward.
The number of Americans filing new claims for jobless benefits was unchanged last week, pointing to a labor market that was treading water. 

Initial claims for state unemployment benefits were a seasonally adjusted 374,000, the Labor Department said on Thursday. The prior week's figure was revised up to show 2,000 more applications than previously reported. 

In a separate report, consumer spending rose 0.4 percent in July, the best showing in five months and ahead of the 0.3 percent income gain. 

Economists polled by Reuters had forecast claims dipping to 370,000 last week. The four-week moving average for new claims, a better measure of labor market trends, rose 1,500 to 370,250.


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