Jobless claims decrease in United States
By Christopher S. Rugaber |
July 30, 2010, Friday
|
Print Edition
Print Edition
NEW jobless claims fell last week in the United States for the third time in four weeks but remain elevated. The decline is a sign that the US economy added jobs in July, still not enough to lower the nation's high unemployment rate.
The US Labor Department said yesterday that first-time claims for unemployment insurance dropped by 11,000 to a seasonally adjusted 457,000.
Claims have fluctuated this month because of temporary seasonal factors. General Motors and other manufacturers skipped traditional summer shutdowns, which led to fewer layoffs and unemployment claims. But the impact of that distortion has largely faded from the data, a Labor Department analyst said.
The four-week average of claims, which smooths fluctuations, dropped to 452,500, the lowest level since May.
That suggests layoffs may be easing. And the four-week average is slightly below its level in June, which indicates that private employers likely added about the same number of jobs in July as it did last month.
The Labor Department will issue its July employment report next week.
"The rate of jobless claims is consistent with some growth in total employment," said Zach Pandl, an economist at Nomura Securities. Pandl forecasts that businesses added about 85,000 jobs in July - about the same as in June but not enough to rapidly reduce the unemployment rate, now at 9.5 percent.
Requests for unemployment insurance fell steadily last year from a peak of 651,000, reached in March 2009.
The US Labor Department said yesterday that first-time claims for unemployment insurance dropped by 11,000 to a seasonally adjusted 457,000.
Claims have fluctuated this month because of temporary seasonal factors. General Motors and other manufacturers skipped traditional summer shutdowns, which led to fewer layoffs and unemployment claims. But the impact of that distortion has largely faded from the data, a Labor Department analyst said.
The four-week average of claims, which smooths fluctuations, dropped to 452,500, the lowest level since May.
That suggests layoffs may be easing. And the four-week average is slightly below its level in June, which indicates that private employers likely added about the same number of jobs in July as it did last month.
The Labor Department will issue its July employment report next week.
"The rate of jobless claims is consistent with some growth in total employment," said Zach Pandl, an economist at Nomura Securities. Pandl forecasts that businesses added about 85,000 jobs in July - about the same as in June but not enough to rapidly reduce the unemployment rate, now at 9.5 percent.
Requests for unemployment insurance fell steadily last year from a peak of 651,000, reached in March 2009.
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