U.S. jobless claims up 9,000
Post Date: 25 Jun 2011 Viewed: 426
The number of Americans initially applying for unemployment aid rebounded last week after falling a week earlier, a fresh sign that the labor market recovery was still weak and volatile, the U.S. Labor Department reported Thursday.
The Labor Department said the advance figure for seasonally adjusted initial claims for jobless benefits was 429,000 in the week ending June 18, an increase of 9,000 from the prior week's revised figure.
It was the biggest gain in a month and the second increase in three weeks, marking the 11th consecutive week that applications have been above 400,000.
Fewer than 425,000 people applying for aid is consistent with modest job growth, but the number of jobless claims will have to fall to 375,000 or below to signal a sustained drop in the unemployment rate.
However, the four-week moving average, which is the more closely watched claims figure, held unchanged at 426,250.
The advance figure for seasonally adjusted insured unemployment during the week ending June 11 was 3.697 million, a decrease of 1,000 from the previous week.
U.S. economic growth has slowed in recent months, curtailing the labor market's recovery. The U.S. Federal Reserve Wednesday projected the unemployment rate to be around 8.6 percent to 8.9 percent by the end of the year, higher than its April forecast.
The weekly figures of jobless benefits applications reflect the level of layoffs and indicate the real-time condition of job market.