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Thursday, August 2, 2012

Jobless Claims in US Climbed Less Than Forecast Last Week

united states currency seal - IMG_7366_web
united states currency seal - IMG_7366_web (Photo credit: kevindean)
The number of Americans filing applications for unemployment benefits rose last week, probably marking the final period in which the annual auto shutdowns continued to influence the number. Jobless claims climbed by 8,000 to 365,000 in the week ended July 28, Labor Department figures showed today in Washington. The median forecast of 47 economists surveyed by Bloomberg News called for an increase to 370,000. Starting next week, the data should be clear of any influence from the annual auto plant retooling closures that make it difficult to adjust the data for seasonal variations, a Labor Department spokesman said as the report was released to the press. Apart from the statistical noise, the job market may take time to heal as a global slowdown and looming U.S. fiscal policy changes in the world’s biggest economy keep employers reluctant to add workers. Unemployment above 8 percent is among reasons Federal Reserve policy makers yesterday said they would take new steps as needed to boost the expansion. “It is still a difficult job market,” said Ryan Sweet, a senior economist at Moody’s Analytics Inc. in West Chester,Pennsylvania. “Companies are not panicking by cutting workers. They are going to wait out the uncertainty related toEurope and the U.S. fiscal cliff.”... Continue to read.
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