Initial Jobless Claims Unexpectedly Rise Again


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Another week, another report of initial jobless claims coming in higher than expected. The number reported this week hit a two month high of 360,000.

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The number of Americans filing for unemployment benefits unexpectedly increased to a two-month high last week. Swings in jobless applications are typical in July as auto plants close for annual retooling.

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First-time claims rose by 16,000 to 360,000 in the week ended July 6 from a revised 344,000, Labor Department figures showed today in Washington. The median forecast of 47 economists surveyed by Bloomberg called for a drop to 340,000. Claims are difficult to adjust in July for seasonal events such as vehicle plant shutdowns and the Independence Day holiday, a Labor Department spokesman said as the data were released. (Read More)

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What would really be unexpected is jobless claims coming in at under 300,000. Now that would be change we can believe in.

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