Unemployment Claims Remain Unchanged

jobless claims unemployment rate

WASHINGTON -- 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. 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.

Jobless claims have risen by 10,000 in August, suggesting some moderation in the pace of job growth this month after payrolls increased 163,000 in July from 64,000 in June.

The state of the labor market, particularly the unemployment rate, could determine whether the Federal Reserve will offer additional monetary stimulus to the economy at its Sept. 12-13 policy meeting.

The unemployment rate, which ticked up to 8.3 percent in July, has been stuck above 8 percent for more than three years, the first time this has happened since the Great Depression.

Although housing and retail sales data suggest that economic activity picked up early in the third quarter, business spending is weakening and inflation is slowing.

The number of people still receiving benefits under regular state programs after an initial week of aid fell 5,000 to 3.32 million in the week ended Aug. 18. The so-called continuing claims data fell during the week of the August household survey from which the unemployment rate is derived.

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Sorry Reuters but you got the new weekly unemployment filings numbers wrong yet again. They have NOT remained unchanged from last weeks numbers. This weeks number (374,000) will be revised upward by 2000 to 5000 just as last weeks reported number was (372,000 to 374,000). And that upward revision occurs each and every week without fail. As such this weeks number will actually be at least 376,000 and possibly as high as 379,000. That's an INCREASE in the number of new claims, not a "REMAIN UNCHANGED" number as you have erroneously reported. Your political bias in reporting these weekly numbers continues unabated.

August 30 2012 at 12:29 PM Report abuse rate up rate down Reply

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