Another Week of Jobless Claims Over 400K

The good news is that new claims for unemployment benefits fell slightly last week. The bad news is that there were still more than 400,000 jobless claims last week.

Bloomberg reported:

Jobless claims fell by 12,000 to 409,000 in the week ended Aug. 27, Labor Department figures showed today in Washington. Economists surveyed by Bloomberg News projected a drop to 410,000, according to the median forecast. The figure remains higher than it was three weeks earlier, before the labor dispute at Verizon pushed the numbers up.

Well, at least the economists weren’t caught off guard.

I just heard that jobless claims for the week before were adjusted and it was higher than initially reported. What a shock. Will this week’s numbers be revised upward next week?

In related news, US productivity fell as labor costs rose. Not to worry, though, President Obama is going to give us another speech so everything will be okay.