Jobless claims rise for second straight week

The number of first time benefit filers went up and last week's numbers were revised upwards. It's ... it's...WORSE THAN EXPECTED! Reuters: Initial claims for state unemployment benefits slipped 2,000 to a seasonally adjusted 386,000, the Labor Department said on Thursday. The prior week's data was revised to show 8,000 more applications received than previously reported. The four-week moving average for new claims, considered a better measure of labor market trends, rose 5,500 to 374,750. Economists polled by Reuters had forecast claims falling to 370,000 last week. "The number suggests that improvement is slowing down," said Subodh Kumar, chief investment strategist at Subodh Kumar & Associates in Toronto. Stock index futures pared gains on the report, while Treasury debt prices rose and the dollar pared gains against the yen. The claims data covered the week for April's nonfarm payrolls survey. The four-week average of new applications rose marginally between the March ...(Read Full Post)