Jobless Claims Worse Than Expected
This morning, the Labor Department reported that 382,000 Americans filed for initial jobless claims last week. It was higher than expected, as analysts had predicted 375k filings. The Labor Department also revised last week's number higher, to 385K from a previously reported 382k.
The 4-week moving average of claims also moved higher to 377k, up from a revised 375k.
The numbers signal continued sluggishness in the labor market. It is generally acknowledged that initial weekly jobless claims need to fall below 350k to indicate any improvement in the job market. It is very likely that the next jobs report, released on October 2nd, will again be a disappointment.
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