More jobless seeking benefits
Source: Agencies |
August 24, 2012, Friday
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Print Edition
Print Edition
THE number of Americans seeking first-time unemployment benefits rose a slight 4,000 last week to a seasonally adjusted 372,000, evidence that the job market's recovery remains modest and uneven.
The Labor Department said yesterday that the four-week average, a less volatile measure, gained 3,750 to 368,000.
Applications are a measure of the pace of layoffs. When they fall consistently below 375,000, it generally suggests hiring is strong enough to lower the jobless rate.
Applications have risen for two straight weeks. Some economists said that indicates that hiring in August may slow from July's solid gain of 163,000 jobs.
The gains "suggest ... that job growth continued in August, but at a slower rate than July's pop," said Jennifer Lee, an economist at BMO Capital Markets. "So job growth there shall be, but not strong enough."
Weak hiring may prompt the Federal Reserve to take more action to stimulate the economy, Lee said. At the Fed's last meeting, policymakers signaled that they were moving closer to launching another round of bond-buying, according to minutes released on Wednesday. The goal of more bond purchases would be to lower longer-term interest rates to encourage more borrowing and spending.
Meanwhile, fewer people continue to receive benefits. The total fell to 5.6 million in the week that ended on August 4, the latest period for which figures are available. That's down about 110,000 from the previous week.
Some of that drop may have been from those out of work finding jobs. But many also likely exhausted all their benefits.
The economy and job growth have been improving a bit after falling into a midyear slump, though neither is strong.
One area of improvement has been the housing market, which is steadily recovering.
The Labor Department said yesterday that the four-week average, a less volatile measure, gained 3,750 to 368,000.
Applications are a measure of the pace of layoffs. When they fall consistently below 375,000, it generally suggests hiring is strong enough to lower the jobless rate.
Applications have risen for two straight weeks. Some economists said that indicates that hiring in August may slow from July's solid gain of 163,000 jobs.
The gains "suggest ... that job growth continued in August, but at a slower rate than July's pop," said Jennifer Lee, an economist at BMO Capital Markets. "So job growth there shall be, but not strong enough."
Weak hiring may prompt the Federal Reserve to take more action to stimulate the economy, Lee said. At the Fed's last meeting, policymakers signaled that they were moving closer to launching another round of bond-buying, according to minutes released on Wednesday. The goal of more bond purchases would be to lower longer-term interest rates to encourage more borrowing and spending.
Meanwhile, fewer people continue to receive benefits. The total fell to 5.6 million in the week that ended on August 4, the latest period for which figures are available. That's down about 110,000 from the previous week.
Some of that drop may have been from those out of work finding jobs. But many also likely exhausted all their benefits.
The economy and job growth have been improving a bit after falling into a midyear slump, though neither is strong.
One area of improvement has been the housing market, which is steadily recovering.
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