Initial Jobless Claims Unexpectedly Rise Again

unemployment line

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.

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.

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)

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