WASHINGTON — New claims for unemployment benefits rose more than expected in the United States last week, a government report showed on Thursday, pointing to a labor market that is struggling to regain momentum after job growth faltered in the last two months.þþInitial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 418,000, the Labor Department said.þþEconomists polled by Reuters had forecast claims rising to 410,000. The prior week’s figure was revised up to 408,000 from the previously reported 405,000.þþThe claims data covered the survey period for the closely watched nonfarm payrolls count for July. Initial claims dropped 11,000 between the June and July survey periods, suggesting a modest improvement in employment after June’s paltry 18,000-job gain.þþA government shutdown in Minnesota following a budget impasse resulted in an additional 1,750 state employees filing claims for jobless benefits last week.þþInitial claims have now been above the 400,000 mark for 15 consecutive weeks. A level of 400,000 claims or less is usually associated with a stable labor market.þþThe four-week moving average of claims, considered a better measure of labor market trends, slipped 2,750 to 421,250.þþA total of 7.33 million people were claiming unemployment benefits during that period under all programs, down 159,000 from the prior week.
Source: NY Times
