Jobless Claims Decline
Jobless Claims Decline
The US Labor Department reported Thursday that initial claims for unemployment benefits dipped by 1,000 in the week ended June 25th, but the decline was smaller than economists had projected. Claims came in at a seasonally adjusted 428,000, according to the report, after economists in a recent Bloomberg News survey had projected claims would fall to 420,000. The total number of Americans receiving regular and extended benefits also declined.
Over the last few months, rising commodity prices has led to weaker demand among consumers, causing some companies to trim their payrolls, and the weaker job market tends to hamper consumer spending, which accounts for about 70 percent of the overall economy. The Federal Reserve, meanwhile, said it believes the rising commodity prices will be temporary, and conditions should improve over the second half of the year.
The report fueled gains in the stock market through the first half of Thursday's session, with all three major indexes up around 1 percent. The report also showed the four-week moving average of claims, a measure designed to smooth out seasonal volatility in the weekly claims, was barely changed from a week ago, rising 500 from 426,250 to 426,750.
The number of Americans receiving continuing benefits, which measures those still receiving benefits beyond the first week, fell by 12,000 in the week ended June 18th to 3.7 million. Economists projected continuing claims would drop to 3.69 million. The continuing claims total does not include the people who have exhausted their state benefits and are still receiving checks from an extended federal program. The number of emergency and extended claims for the week ended June 11th fell by about 27,000 to 3.93 million.
The US Labor Department reported Thursday that initial claims for unemployment benefits dipped by 1,000 in the week ended June 25th, but the decline was smaller than economists had projected. Claims came in at a seasonally adjusted 428,000, according to the report, after economists in a recent Bloomberg News survey had projected claims would fall to 420,000. The total number of Americans receiving regular and extended benefits also declined.
Over the last few months, rising commodity prices has led to weaker demand among consumers, causing some companies to trim their payrolls, and the weaker job market tends to hamper consumer spending, which accounts for about 70 percent of the overall economy. The Federal Reserve, meanwhile, said it believes the rising commodity prices will be temporary, and conditions should improve over the second half of the year.
The report fueled gains in the stock market through the first half of Thursday's session, with all three major indexes up around 1 percent. The report also showed the four-week moving average of claims, a measure designed to smooth out seasonal volatility in the weekly claims, was barely changed from a week ago, rising 500 from 426,250 to 426,750.
The number of Americans receiving continuing benefits, which measures those still receiving benefits beyond the first week, fell by 12,000 in the week ended June 18th to 3.7 million. Economists projected continuing claims would drop to 3.69 million. The continuing claims total does not include the people who have exhausted their state benefits and are still receiving checks from an extended federal program. The number of emergency and extended claims for the week ended June 11th fell by about 27,000 to 3.93 million.
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