Jobless Claims Go In Wrong Direction; Can the Fed Help?
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The number of Americans standing in line at the unemployment office rose more than expected last week. New unemployment claims were reported at 382,000, 15 thousand more than the previous week, and 12 thousand more than economists expected. This marks the largest gain in almost two months, and is another disappointing bit of jobs-related news.
Last Friday, a government report on non-farm payroll jobs growth was another downer for the labor market, so today's unemployment figures, while discouraging, are really nothing new.
The focus now turns to Bernanke and the FOMC announcement later today. They are expected to reveal new plans to stimulate the economy, and investors hope this will finally spur jobs gains in the U.S. Although doubts about the potential effectiveness of any Fed action on jobs growth remains in doubt, investors are cautiously optimistic heading into the event.
Markets are trading mostly flat in early trading on Thursday, hours before the big announcement at 12:30PM ET.
Last Friday, a government report on non-farm payroll jobs growth was another downer for the labor market, so today's unemployment figures, while discouraging, are really nothing new.
The focus now turns to Bernanke and the FOMC announcement later today. They are expected to reveal new plans to stimulate the economy, and investors hope this will finally spur jobs gains in the U.S. Although doubts about the potential effectiveness of any Fed action on jobs growth remains in doubt, investors are cautiously optimistic heading into the event.
Markets are trading mostly flat in early trading on Thursday, hours before the big announcement at 12:30PM ET.
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