U.S. Initial Jobless Claims Rise by 25,000 to 584,000

peaceandlove · 07-30-2009, 08:47 PM

U.S. Initial Jobless Claims Rise by 25,000 to 584,000

By Courtney Schlisserman

July 30 (Bloomberg) -- The number of Americans filing claims for jobless benefits last week held below levels seen in late June, before auto-related distortions set in, indicating firings are slowing as the economy stabilizes.

Applications rose by 25,000 to 584,000 in the week ended July 25, higher than forecast, figures from the Labor Department showed today in Washington. More than 600,000 claims were filed every week last month. The number of people collecting unemployment insurance decreased for a third week.

An analyst at Labor said distortions from the timing of auto-plant shutdowns “worked themselves out” of the data last week, returning claims to “trend.” While a resumption in hiring will be slow to materialize, payroll reductions are likely to slow as housing and manufacturing, the areas that led the economy into the worst recession in five decades, steady.

“Initial claims are still trending lower, which does suggest some improvement in conditions,” said Michelle Meyer, an economist at Barclays Capital Inc. in New York, which had forecast claims would increase to 585,000. “What we are seeing is less firing.”

Continues: http://www.bloomberg.com/apps/news?p...d=aNg3FgKf5cMk

SOURCE: http://www.gcnlive.com/

07-30-2009, 08:47 PM	#1
peaceandlove Avalon Senior Member Join Date: Sep 2008 Location: Turtle Island Posts: 2,776	U.S. Initial Jobless Claims Rise by 25,000 to 584,000 U.S. Initial Jobless Claims Rise by 25,000 to 584,000 By Courtney Schlisserman July 30 (Bloomberg) -- The number of Americans filing claims for jobless benefits last week held below levels seen in late June, before auto-related distortions set in, indicating firings are slowing as the economy stabilizes. Applications rose by 25,000 to 584,000 in the week ended July 25, higher than forecast, figures from the Labor Department showed today in Washington. More than 600,000 claims were filed every week last month. The number of people collecting unemployment insurance decreased for a third week. An analyst at Labor said distortions from the timing of auto-plant shutdowns “worked themselves out” of the data last week, returning claims to “trend.” While a resumption in hiring will be slow to materialize, payroll reductions are likely to slow as housing and manufacturing, the areas that led the economy into the worst recession in five decades, steady. “Initial claims are still trending lower, which does suggest some improvement in conditions,” said Michelle Meyer, an economist at Barclays Capital Inc. in New York, which had forecast claims would increase to 585,000. “What we are seeing is less firing.” Continues: http://www.bloomberg.com/apps/news?p...d=aNg3FgKf5cMk SOURCE: http://www.gcnlive.com/