First-Time Jobless Claims Rise 8,000 Ahead of Payroll Report
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Data from the Labor Department Thursday morning showed a slightly worse-than-expected reading on initial jobless claims for the week ended March 3rd. Up from a revised 354,000 during the prior week, applications for unemployment totaled 362,000. Economists were looking for a reading of 352,000.
Despite the modest move higher, first-time claims are persisting just over the 350,000 mark, a level not seen since mid 2008.
The four-week moving average of initial claims inched higher from 354,750 to 355,000.
Extended benefits rose 26,800 to 3.4 million for the week ended February 18th.
Continuing claims for the week ended February 25th rose from 3.406 million previously to 3.416 million. The Street was modeling for continuing claims to come in around 3.4 million.
US stocks are trading higher Thursday. The Dow is up about 46 points to 12,883, the Nasdaq is up nearly 17 points, and the S&P 500 is up about 7.
The Street awaits a report on nonfarm- and private-sector payrolls Friday. Economists expect a nonfarm gain of 210,000, a private-sector gain of 225,000, and a gain of about 23,000 jobs in the manufacturing sector. The data will be released at 8:30am EST.
Despite the modest move higher, first-time claims are persisting just over the 350,000 mark, a level not seen since mid 2008.
The four-week moving average of initial claims inched higher from 354,750 to 355,000.
Extended benefits rose 26,800 to 3.4 million for the week ended February 18th.
Continuing claims for the week ended February 25th rose from 3.406 million previously to 3.416 million. The Street was modeling for continuing claims to come in around 3.4 million.
US stocks are trading higher Thursday. The Dow is up about 46 points to 12,883, the Nasdaq is up nearly 17 points, and the S&P 500 is up about 7.
The Street awaits a report on nonfarm- and private-sector payrolls Friday. Economists expect a nonfarm gain of 210,000, a private-sector gain of 225,000, and a gain of about 23,000 jobs in the manufacturing sector. The data will be released at 8:30am EST.
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