Thursday, May 31, 2012

Jobless claims rise UNEXPECTEDLY w/e May 12, 2012, 4th straight down week, 7 out of 8 weeks have been down

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5/31/12, "Jobless Claims Rise for 4th Straight Week," Reuters, Moneynews

"New U.S. claims for unemployment benefits rose last week for the fourth straight week, which could heighten concerns the labor market recovery is softening.

Initial claims for state unemployment benefits rose 10,000 to a seasonally adjusted 383,000, the Labor Department said on Thursday.

The prior week's figure was revised up to 373,000 from the previously reported 370,000. Economists polled by Reuters had forecast claims unchanged last week.

Claims have now risen in seven of the last eight weeks. Most of those increases were marginal and the overall level of claims has held at levels consistent with a modest recovery in the labor market.

But the steady increase could add to the concerns raised by April's disappointing 115,000 gain in nonfarm payrolls. A Labor Department report due on Friday is expected to show employers added 150,000 jobs in May."...via Instapundit


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