US claims for jobless benefits drop
Source: Agencies |
June 17, 2011, Friday
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Print Edition
Print Edition
THE number of Americans signing up for jobless benefits fell last week, while housing starts and building permits rose in May, offering some hope the US economy could be starting to pull out of its soft patch.
Initial claims for state unemployment insurance slipped 16,000 to 414,000, the US Labor Department said yesterday, suggesting the job market was regaining some momentum after stumbling badly in May.
A separate report from the Commerce Department showed groundbreaking for homes rose 3.5 percent to an annual rate of 560,000 units, retracing almost half of April's steep decline. New building permits unexpectedly rebounded 8.7 percent to the highest level since December.
The reports offered at least a hint the economic slowdown that started as the year began could be easing. US financial markets, however, were little moved by the data, which was eclipsed by concerns Greece could default on its debt.
"The broader theme we have to look at is that the pace of job destruction is slowing but the pace of job creation is also a bit tepid," said Ian Pollick an economic strategist at TD Securities in Toronto. A report earlier this month showed US employers added a scant 54,000 workers to their payrolls in May, with the jobless rate rising to 9.1 percent.
While both the jobless claims and housing data moved in a better direction, the levels suggested the recovery remains quite weak.
Initial claims for state unemployment insurance slipped 16,000 to 414,000, the US Labor Department said yesterday, suggesting the job market was regaining some momentum after stumbling badly in May.
A separate report from the Commerce Department showed groundbreaking for homes rose 3.5 percent to an annual rate of 560,000 units, retracing almost half of April's steep decline. New building permits unexpectedly rebounded 8.7 percent to the highest level since December.
The reports offered at least a hint the economic slowdown that started as the year began could be easing. US financial markets, however, were little moved by the data, which was eclipsed by concerns Greece could default on its debt.
"The broader theme we have to look at is that the pace of job destruction is slowing but the pace of job creation is also a bit tepid," said Ian Pollick an economic strategist at TD Securities in Toronto. A report earlier this month showed US employers added a scant 54,000 workers to their payrolls in May, with the jobless rate rising to 9.1 percent.
While both the jobless claims and housing data moved in a better direction, the levels suggested the recovery remains quite weak.
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