Initial Claims Fall Less than Expected to 387K as Fed Continues Operation Twist
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First-time filers for jobless benefits fell last week, but not as much as economists were expecting, hinting that a rapid recovery might still be a ways off.
According to new data from the Department of Labor Thursday, 387,000 Americans filed for unemployment benefits, down 2,000 from the prior week, but above views calling for a drop to 383,000.
The four-week moving average rose 3,500 to 386,250, its highest level since last December.
Those continuing to get unemployment benefits were flat at 3.3 million for the week ended June 9th. Americans getting emergency benefits fell 42,000 to 2.64 million for the week ended June 2nd.
The unemployment rate for those eligible for benefits stood at 2.6 percent.
The numbers follow the Fed's FOMC decision on Wednesday to keep rates low, while continuing with Operation Twist through the end of the year. The Fed's policymakers lowered overall growth expectations in the U.S. from 2.4 percent to 2.9 percent in April to a range of 1.9 percent to 2.4 percent.
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According to new data from the Department of Labor Thursday, 387,000 Americans filed for unemployment benefits, down 2,000 from the prior week, but above views calling for a drop to 383,000.
The four-week moving average rose 3,500 to 386,250, its highest level since last December.
Those continuing to get unemployment benefits were flat at 3.3 million for the week ended June 9th. Americans getting emergency benefits fell 42,000 to 2.64 million for the week ended June 2nd.
The unemployment rate for those eligible for benefits stood at 2.6 percent.
The numbers follow the Fed's FOMC decision on Wednesday to keep rates low, while continuing with Operation Twist through the end of the year. The Fed's policymakers lowered overall growth expectations in the U.S. from 2.4 percent to 2.9 percent in April to a range of 1.9 percent to 2.4 percent.
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