Jobless Claims in U.S. Increased 13,000 Last Week to 472,000
By - Jul 1, 2010url: http://www.bloomberg.com/news/2010-07-01/jobless-claims-in-u-s-unexpectedly-increased-13-000-last-week-to-472-000.html
More Americans unexpectedly applied for jobless benefits last week, a sign the labor market recovery may be slowing.
Initial jobless claims increased by 13,000 to 472,000 in the week ended June 26, Labor Department figures showed today in Washington. The number of people receiving unemployment insurance rose, while those getting emergency benefits dropped after Congress failed to act on extending the legislation.
The jump in applications raises the risk that the turmoil in financial markets brought onby the European debt crisis is leading to additional cutbacks in staff. The Labor Department tomorrow may report the U.S. lost jobs in June for the first month this year, reflecting a drop in temporary federal workers who helped to conduct the decennial census.
“The labor market is not generating employment for anyone, even for people who have been out a long time,” said Steven Ricchiuto, chief economist at Mizuho Securities USA Inc. in New York, who forecast claims at 470,000. “What we’re seeing in the backup of claims is not a particularly healthy story, showing we can’t generate upside momentum in the labor market.”
Economists forecast jobless applications would fall to 455,000 from an initially reported 457,000 for the prior week, according to the median of 46 projections in a Bloomberg survey. Estimates ranged from 440,000 to 475,000.
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