1st time jobless claims fall slightly, but no relief in sight

The previous week's number was revised upward by 6,000 so the drop in first time claims for unemployment is pretty insignificant. Reuters: The number of Americans filing new claims for unemployment benefits fell last week, government data showed on Thursday, but remained too high to signal any major improvement in the labor market. Initial claims for state unemployment benefits fell 6,000 to a seasonally adjusted 386,000, the Labor Department said. The prior week's figure was revised up to 392,000 from the previously reported 387,000. Economists polled by Reuters had forecast claims easing to 385,000 last week. The four-week moving average for new claims, considered a better measure of labor market trends, slipped 750 to 386,750. The labor market has lost a step in recent months as uncertainty spawned by the debt crisis in Europe and an unclear fiscal policy path at home has made businesses reluctant to hire. However, there are no signs in the claims data that companies...(Read Full Post)

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