|
Redwood Falls Gazette - Redwood Falls - MN
  • INITIAL JOBLESS CLAIMS JUMP

    • email print
  • Business Insider
    pink slip jobless claims fired
    Weekly initial unemployment insurance claims jumped to 311,000 from 290,000 a week ago.
    This was a bit worse than the 295,000 expected by economists.
    "This sharp rise in the level of initial claims is largely noise and is nothing more than a giveback from the surprising weakness in previous weeks — resulting from the lower than expected level of auto retooling shutdown," TD Securities' Millan Mulraine said.
    "At the turn of this year the trend was nearer 340K, so the decline has been substantial and, as far as we can tell, it is continuing," Pantheon Macroeconomics' Ian Shepherdson said. "Note that the drop in claims is mirrored in the strength of the hiring intentions component of the NFIB survey; taken together, the data suggest that the trend in payroll growth should be 250K or more by the late fall. Next week, claims should dip back to 300K or so."
    Thursday's report brings the four-week moving average to 295,750, up 2,000 from last week.
    "The four-week average has risen only slightly from the eight-year low reached last week, and the level of continuing claims remains low," Barclays' Dean Maki said. "Thus, we still would view the claims data as consistent with a labor market that is improving."
    Continuing claims rose to 2.544 million from 2.519 million last week.
    "There were no special factors impacting this week's initial claims," the Department of Labor said.
    Click Here For Live Updates »
    See Also:

        calendar