Initial Claims Drop to 409,000 as Economic Outlook Still Cloudy
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Initial claims for the week ended August 27th fell by 12,000 to 409,000 as businesses continue to hold off on hiring, but have stemmed firing, amid a still-cloudy economic outlook.
The Street was expecting jobless claims around 410,000.
Bloomberg notes a labor dispute at Verizon (NYSE: VZ) which artificially skewed benefits a few weeks ago waned, causing numbers to fall last week.
No special circumstances affected last week's data, according to one spokesperson for the Labor Department.
Continuing claims fell by 18,000 to 3.74 million, lower than a revised 3.75 million from the prior week. Economists were expecting a reading of 3.641 million.
Americans who used up primary benefits and are now on emergency relief increased 38,000 to 3.68 million.
Friday morning, nonfarm payroll data is expected to show the addition of 70,000 jobs in August. The prior month saw the addition of 117,000 nonfarm jobs. Private payrolls are expected to be up about 100,000.
The Street was expecting jobless claims around 410,000.
Bloomberg notes a labor dispute at Verizon (NYSE: VZ) which artificially skewed benefits a few weeks ago waned, causing numbers to fall last week.
No special circumstances affected last week's data, according to one spokesperson for the Labor Department.
Continuing claims fell by 18,000 to 3.74 million, lower than a revised 3.75 million from the prior week. Economists were expecting a reading of 3.641 million.
Americans who used up primary benefits and are now on emergency relief increased 38,000 to 3.68 million.
Friday morning, nonfarm payroll data is expected to show the addition of 70,000 jobs in August. The prior month saw the addition of 117,000 nonfarm jobs. Private payrolls are expected to be up about 100,000.
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