Unemployment Claims in US – Very bad news: Revised Nbre @ 400K and Still Near 2012 High

In the week ending June 23, the advance figure for seasonally adjusted initial claims was 386,000, a decrease of 6,000 from the previous week’s revised figure of 392,000. The 4-week moving average was 386,750, a decrease of 750 from the previous week’s revised average of 387,500.

The advance seasonally adjusted insured unemployment rate was 2.6 percent for the week ending June 16, unchanged from the prior week’s unrevised rate.

The advance number for seasonally adjusted insured unemployment during the week ending June 16 was 3,296,000, a decrease of 15,000 from the preceding week’s revised level of 3,311,000. The 4-week moving average was 3,306,000, an increase of 9,250 from the preceding week’s revised average of 3,296,750.

via ETA Press Release: Unemployment Insurance Weekly Claims Report.

_______________________________________

Jobless Claims in U.S. Hovered Last Week Near 2012 High

The number of applications for unemployment benefits hovered last week near the highest level of the year, showing little improvement in the U.S. labor market.

The number of applications for unemployment benefits hovered last week near the highest level of the year. Jobless claims decreased by 6,000 to 386,000 in the week ended June 23, Labor Department figures showed today in Washington. Separately, Commerce Department figures showed the U.S. economy grew 1.9 percent in the first quarter, reflecting a gain in consumer spending that now shows signs of cooling as the labor market weakens. Deirdre Bolton and Michael McKee report on Bloomberg Television’s “In the Loop.”

Jobless claims decreased by 6,000 to 386,000 in the week ended June 23, in line with the median forecast of economists surveyed by Bloomberg News, Labor Department figures showed today in Washington. The prior week’s reading was revised up to 392,000 from 387,000, matching an April figure as the steepest of 2012.

Concern about the fallout from the European debt crisis and the so-called fiscal cliff that will face the U.S. at the end of this year may prompt employers to keep payrolls lean. Federal Reserve policy makers last week expanded a program to replace short-term bonds with longer-term debt in a bid to spur growth and trim a jobless rate that’s exceeded 8 percent for 40 consecutive months.

“There is no progress,” said Jeremy Lawson, a senior U.S. economist at BNP Paribas in New York. “There is clearly an underlying weakness that is troubling. The labor market is sputtering along, struggling to create jobs. The pace of consumer spending will slow in the second quarter.”

The world’s largest economy expanded 1.9 percent in the first quarter, the same as previously estimated, data from the Commerce Department also showed today…

via Jobless Claims in U.S. Hovered Last Week Near 2012 High – Bloomberg.