Initial Claims Fall 6K Last Week, Remaining High as Hiring Stalls
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Americans filing for unemployment benefits fell modestly last week, though numbers were still at highs of the year.
According to data from the U.S. Labor Department, initial claims fell 6,000 to 386,000 for the week ended June 23rd, from a revised higher 392,000 the prior week (from 387,000). Analysts were looking for a reading of 385,000, similar to what a survey by Bloomberg concluded.
The four-week moving average, a less volatile measure, came in at 386,750, from 387,500.
Continuing claims fell 15,000 to 3.3 million for the week ended June 16th.
Those collecting emergency unemployment benefits rose 60,400 to 2.71 million for the period ended June 9th, while the unemployment rate for eligible participants was 2.6 percent. The unemployment rate for eligible participants has been flat for 14 weeks.
The numbers highlight the stagnant job market, with nonfarm payrolls adding just 69,000 in May. That was the slowest number in a year. In addition, the unemployment rate has been stuck above 8 percent since February 2009, with last month's reading coming in at 8.2 percent.
Last week, the Fed nixed the idea of more quantitative easing, but that it would continue Operation Twist for the balance of 2012. With Operation Twist, the Fed hopes to create a better lending environment to spur growth, replacing near-term bonds with longer-term securities.
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According to data from the U.S. Labor Department, initial claims fell 6,000 to 386,000 for the week ended June 23rd, from a revised higher 392,000 the prior week (from 387,000). Analysts were looking for a reading of 385,000, similar to what a survey by Bloomberg concluded.
The four-week moving average, a less volatile measure, came in at 386,750, from 387,500.
Continuing claims fell 15,000 to 3.3 million for the week ended June 16th.
Those collecting emergency unemployment benefits rose 60,400 to 2.71 million for the period ended June 9th, while the unemployment rate for eligible participants was 2.6 percent. The unemployment rate for eligible participants has been flat for 14 weeks.
The numbers highlight the stagnant job market, with nonfarm payrolls adding just 69,000 in May. That was the slowest number in a year. In addition, the unemployment rate has been stuck above 8 percent since February 2009, with last month's reading coming in at 8.2 percent.
Last week, the Fed nixed the idea of more quantitative easing, but that it would continue Operation Twist for the balance of 2012. With Operation Twist, the Fed hopes to create a better lending environment to spur growth, replacing near-term bonds with longer-term securities.
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