Thursday, September 20, 2012

New Jobless Claims Unexpectedly High

Last week's data revised upward - expectedly.
The number of Americans filing new claims for jobless benefits held near two-month highs last week, suggesting some weakening in labor market conditions. 

Initial claims for state unemployment benefits slipped 3,000 to a seasonally adjusted 382,000, the Labor Department said on Thursday. 

The prior week's figure was revised up to show 3,000 more applications than previously reported. Economists polled by Reuters had forecast claims falling to 375,000 last week. 

"We've seen a little move upward in jobless claims over the last few weeks, but nothing to suggest the economy is in trouble. It's more the case that we are still in a period of slow growth," said Gary Thayer, chief macro strategist at Wells Fargo Advisors in St. Louis. 

The four-week moving average for new claims, a better measure of labor market trends, rose 2,000 to 377,750 — the highest level since June. It was the fifth consecutive weekly increase in the measure.


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