Initial Jobless Claims Fall to 334K at Auto Shutdowns Ebb
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U.S. markets are higher Thursday morning following economic data out earlier showing Americans filing for unemployment benefits fell to a multi-month low as effects of auto plant shutdowns begin to wane.
The latest data from the U.S. Labor Department put initial jobless claims at 334,000 for the week ending July 13th, a 24,000 reduction from the prior week. Economists were looking for a drop to 345,000 apps. The number is the lowest since early May 2013.
The four-week rolling average fell from 351,250 down to 346,000 apps last week. Continuing claims dropped 91,000 to 3.11 million for the week ending July 6th.
During a testimony made to the House Financial Services Committee on Wednesday, Fed chairman Ben Bernanke said that, although the job environment was improving, it was
For autos, Ford Motor (NYSE: F) said it would be retooling factories for one week versus two in previous years, due to increasing demand. Chrysler was said to shut down all but three assembly plans and one engine, transmission factory, while General Motors (NYSE: GM) wasn't planning any halts this year.
The latest data from the U.S. Labor Department put initial jobless claims at 334,000 for the week ending July 13th, a 24,000 reduction from the prior week. Economists were looking for a drop to 345,000 apps. The number is the lowest since early May 2013.
The four-week rolling average fell from 351,250 down to 346,000 apps last week. Continuing claims dropped 91,000 to 3.11 million for the week ending July 6th.
During a testimony made to the House Financial Services Committee on Wednesday, Fed chairman Ben Bernanke said that, although the job environment was improving, it was
far from satisfactory.He noted that bond purchases aren't on a preset course and could be ceased or extended depending on how economic conditions are faring.
For autos, Ford Motor (NYSE: F) said it would be retooling factories for one week versus two in previous years, due to increasing demand. Chrysler was said to shut down all but three assembly plans and one engine, transmission factory, while General Motors (NYSE: GM) wasn't planning any halts this year.
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