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U.S. Jobless Claims Rise to 371k |
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US Economy |
Written by CEP News |
May 15 08 13:42 GMT |
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(CEP News) - Initial claims for jobless benefits in the United States rose to 371k in the week ending May 10, following an unrevised 365k in the previous week, while continuing claims rose to 3.060 million for the week ending May 3, the Department of Labor reported Thursday.
Forecasts were looking for a total of 370k initial claims. The latest initial claims figure is just above the four-week moving average of 365.8k. The four-week moving average for continuing claims is 3.017 million, the first time the four-week average has been above the 3 million mark since April 2004. The April 26 continuing claims figure was revised at 3.032 million from an originally reported 3.020 million. Prior to the release, Christopher Rupkey, chief financial economist at the Bank of Tokyo-Mitsubishi UFJ, said "the claims data will tell us whether the recession is intensifying or not. The range of good to bad outcomes for the economy is 300K to 400K for initial claims, and 3.0 million to 3.5 million for continuing claims." By Patrick McGee,
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, edited by Cristina Markham,
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