Initial Jobless Claims Unexpectedly Up 1.3%

Initial jobless claims edged up 1.3% to 317,000 for the week ending June 7, according to a Labor Department report released today.

After increasing a revised 1.3% the previous week, this newest report proved to be an unpleasant surprise for analysts, who had expected a slight decline to 309,000 initial claims. 

Source: Author, data from Labor Department 

From a more long-term perspective, a 1.5% bump in the four-week moving average to 315,250 initial claims marks the first increase since the start of May, a sign that a steadily recovering labor market can't be counted on to always improve. Both the latest week's claims and the four-week average fall significantly below 400,000, a cutoff point that economists consider a sign of an improving labor market.

On a state-by-state basis, five states recorded a decrease of more than 1,000 initial claims for the week ending May 31 (most recent available data). California claimed the largest decline (1,940), followed by New Jersey (1,650) and Pennsylvania (-1,420). In a rare occurrence, not a single state registered an increase of more than 1,000 initial claims for the same period. 

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  • Report this Comment On June 12, 2014, at 10:19 AM, AmandaHsieh wrote:

    Almost half of America isn’t working. Lowest labor Participation Rate since before most American moms had to go find a job! Why do they want to import more immigrants when we already have a millions of leaches mooching off productive workers? Big Bankers, Wall Street, Politicians and their corrupt cronies and money manipulator friends are the biggest parasites of them all while the Fed keeps printing trillions for them to squander and steal. It's disgusting what's happening to the USA!

    Used to the husband could work, pay for college, get a pension and save for retirement all at the same time working at the same place for 40 years. College was cheap, cost of living was cheap, companies paid a real income relative to lower expenses. Now I have to pay over $100 per month in Tolls just to keep from spending 5 hours a day in traffic driving around Dallas (the selling of infrastructure to corporations). I pay almost $300 per month for cell phones that are required to live now for my family. I pay for insurance that has high deductibles - all of which is required by law when it wasn't before (thank god for $25/month rates from Insurance Panda, or I’d be bankrupt). In the past it was socially acceptable to drive a 10 year old car, now if you don't have a shiny new one then you worse than welfare. We aren't citizens anymore, we are targets for consumerism, taxes, fees, fines, and exploitation. And every time we feel like we have gotten ahead the rug is pulled out of the economy and we are forced to change jobs and consume our savings.

    What's coming? More of the same, only worse.

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