US jobless benefit claims rise
Source: Agencies |
August 3, 2012, Friday
|
Print Edition
Print Edition
THE number of Americans seeking unemployment benefits rose last week, though the data was likely skewed higher by seasonal factors.
Weekly applications increased by 8,000 to a seasonally adjusted 365,000, the US Labor Department said yesterday. The four-week average, a less volatile measure, fell for the sixth straight week to 365,500, the lowest since March 31.
The decline in the four-week average suggested the job market could be improving a bit. But economists are viewing last month's figures with some caution because the government struggles every July to account for temporary summer shutdowns in the auto industry. This year was even more complicated because some automakers skipped the shutdowns, resulting in fewer layoffs.
A Labor Department spokesman said the latest figures should be the last affected by the auto shutdown issues.
Even so, some economists saw positive signs.
"The net decline from a month ago is encouraging," Jim O'Sullivan, chief US economist at High Frequency Economics, said in an e-mail to clients.
Consumers are holding back on spending and the economy is showing other signs of weakening. But the dip in applications shows that companies aren't laying off workers in response, O'Sullivan said.
Weekly applications increased by 8,000 to a seasonally adjusted 365,000, the US Labor Department said yesterday. The four-week average, a less volatile measure, fell for the sixth straight week to 365,500, the lowest since March 31.
The decline in the four-week average suggested the job market could be improving a bit. But economists are viewing last month's figures with some caution because the government struggles every July to account for temporary summer shutdowns in the auto industry. This year was even more complicated because some automakers skipped the shutdowns, resulting in fewer layoffs.
A Labor Department spokesman said the latest figures should be the last affected by the auto shutdown issues.
Even so, some economists saw positive signs.
"The net decline from a month ago is encouraging," Jim O'Sullivan, chief US economist at High Frequency Economics, said in an e-mail to clients.
Consumers are holding back on spending and the economy is showing other signs of weakening. But the dip in applications shows that companies aren't laying off workers in response, O'Sullivan said.
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