Initial Claims Rise to 427,000; Ninth Straight Week Over 400,000 Level
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Data on the jobs market continued to worsen Thursday as the number of Americans filing for first-time jobless benefits rose modestly to 427,000 last week. Economists had been expecting the metric to decline to 419,000.
The previous week's reading was revised higher from an initial 422,000 to 426,000.
Continued readings over 400,000 in the weekly data point, collected by the Department of Labor, underscore the amount of uncertainty currently in the broader US economy. Employers have had to reduce headcount amid slowing demand, an extremely depressed housing market, tough credit standards and most importantly as of recent, rising energy prices. Initial jobless claims have now been over 400,000 for nine straight weeks.
Continuing jobless claims for the week ended May 28th came in at 3.676 million, better than the 3.7 million economists had been expecting and down from a revised reading of 3.747 million in the prior week.
Stocks are shrugging at the concerning jobs data Thursday: about two hours into the trading session, the Dow Jones is up 92 points to 12,141, the S&P 500 is up 9 and the Nasdaq, lagging handily, is also up 9 points.
The previous week's reading was revised higher from an initial 422,000 to 426,000.
Continued readings over 400,000 in the weekly data point, collected by the Department of Labor, underscore the amount of uncertainty currently in the broader US economy. Employers have had to reduce headcount amid slowing demand, an extremely depressed housing market, tough credit standards and most importantly as of recent, rising energy prices. Initial jobless claims have now been over 400,000 for nine straight weeks.
Continuing jobless claims for the week ended May 28th came in at 3.676 million, better than the 3.7 million economists had been expecting and down from a revised reading of 3.747 million in the prior week.
Stocks are shrugging at the concerning jobs data Thursday: about two hours into the trading session, the Dow Jones is up 92 points to 12,141, the S&P 500 is up 9 and the Nasdaq, lagging handily, is also up 9 points.
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