Follow Us:
Monday, August 15, 2022

US jobless claims post surprise spike

Applications for unemployment benefits climbed to 428,000 from previous week's 417,000.

Written by Agencies | Washington |
September 15, 2011 6:48:15 pm

The number of Americans filing new claims for jobless benefits rose unexpectedly last week in a sign concerns about a weak economy were sapping an already beleaguered labor market,data showed on Thursday.

Applications for unemployment benefits climbed to 428,000 in the week ending Sept.10 from an upwardly revised 417,000 the prior week,the Labor Department said.

It was the second straight week in which claims rose. Wall Street analysts had been looking for a dip to 410,000.

Excluding one week in early August,claims have held above 400,000 since early April. A Labor Department official said there was no discernible effect from Hurricane Irene or other storms in the national reading.

Subscriber Only Stories
Re-Defining The Tradition In Folk Art: An Art Educator’s PerspectivePremium
Symbiosis School of Sports Sciences (SSSS) launches undergraduate program...Premium
MIT World Peace University launches Five-Year Integrated B.Tech with MBA ...Premium
Bring Home The Ultimate Solution For The Whole Family With Airtel Xstream...Premium

The four-week moving average of claims,which smooths out volatility,rose to 419,500 from 415,500 the prior week. Continuing claims eased to 3.726 million in the week ending Sept. 3 from 3.738 million the previous week. The number of total recipients on benefit rolls was 7.144 million. US employment growth ground to a halt in August,with zero net job creation raising fears of a new recession and putting pressure on the Federal Reserve to ease monetary policy further at its meeting later this month.

📣 Join our Telegram channel (The Indian Express) for the latest news and updates

For all the latest News Archive News, download Indian Express App.

First published on: 15-09-2011 at 06:48:15 pm
Latest Comment
Post Comment
Read Comments