More Americans file for jobless claims last week
Source: Bloomberg News |
October 19, 2012, Friday
|
Print Edition
Print Edition
MORE Americans than forecast filed applications for jobless benefits last week, reflecting an unwinding of adjustments for seasonal swings at the start of a quarter.
Jobless claims rose by 46,000 to 388,000 in the week ended October 13 from a revised 342,000 the prior period that was the lowest since February 2008, Labor Department figures showed yesterday in Washington. The median forecast of 49 economists surveyed by Bloomberg News called for a rise in claims to 365,000.
The typical pattern of large increases in unadjusted claims at the start of the quarter seems to have shifted by a week in one state, causing the adjusted data to become volatile, a department spokesman said as the figures were released to the press. Through the ups and downs, the level of firing has been little changed, indicating that a lack of hiring is the main reason payrolls have failed to strengthen.
"At least a major part of the jump would be a correction from the prior week," Tom Simons, an economist at Jefferies Group Inc in New York, who projected a jump to 380,000, said before the report. Outside of that, "we're seeing very gradual improvement in the labor market. The economy is just plodding along at the moment."
Estimates in the survey ranged from 345,000 to 390,000. The department revised the previous week's figure up from an initially reported 339,000.
Yesterday's report showed unadjusted claims in California dropped by 4,979 in the week ended October 6. Last week the department spokesman said claims surge at the start of a quarter as people receiving benefits reapply so the government can recertify their eligibility.
In the most recent week, all states reported and none were estimated, the spokesman said.
The four-week moving average, a less volatile measure than the weekly figures, rose to 365,500 last week from 364,750.
Jobless claims rose by 46,000 to 388,000 in the week ended October 13 from a revised 342,000 the prior period that was the lowest since February 2008, Labor Department figures showed yesterday in Washington. The median forecast of 49 economists surveyed by Bloomberg News called for a rise in claims to 365,000.
The typical pattern of large increases in unadjusted claims at the start of the quarter seems to have shifted by a week in one state, causing the adjusted data to become volatile, a department spokesman said as the figures were released to the press. Through the ups and downs, the level of firing has been little changed, indicating that a lack of hiring is the main reason payrolls have failed to strengthen.
"At least a major part of the jump would be a correction from the prior week," Tom Simons, an economist at Jefferies Group Inc in New York, who projected a jump to 380,000, said before the report. Outside of that, "we're seeing very gradual improvement in the labor market. The economy is just plodding along at the moment."
Estimates in the survey ranged from 345,000 to 390,000. The department revised the previous week's figure up from an initially reported 339,000.
Yesterday's report showed unadjusted claims in California dropped by 4,979 in the week ended October 6. Last week the department spokesman said claims surge at the start of a quarter as people receiving benefits reapply so the government can recertify their eligibility.
In the most recent week, all states reported and none were estimated, the spokesman said.
The four-week moving average, a less volatile measure than the weekly figures, rose to 365,500 last week from 364,750.
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