Jobless claims confirm struggling economy

Rick Moran
New claims for unemployment held steady last week at 387,000 - within kissing distance of 400,000 which is generally seen as a failing labor market. Reuters: Initial claims for state unemployment benefits slipped 2,000 to a seasonally adjusted 387,000, the Labor Department said. The prior week's figure was revised up to 389,000 from the previously reported 386,000. Economists polled by Reuters had forecast claims falling to 380,000 last week. The four-week moving average for new claims, considered a better measure of labor market trends, increased 3,500 to 386,250 - the highest level since early December. The claims data covered the survey week for June's nonfarm payrolls and the report pointed to little or no improvement on the paltry 69,000 jobs added in May. Claims rose 15,000 between the May and June survey periods. "This confirms the weak labor market we have. I suspect we would see a modest rebound in payrolls in June but it would still be below 150,000. It's ...(Read Full Post)

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