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Weekly Jobless Claims Reach 465,000

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Weekly Jobless Claims Reach 465,000

The number of US jobless claims rose 12,000 to 465,000 in the most recent week, highlighting the lack of jobs in a sluggish labor market.

New jobless claims had dipped for two straight weeks. However, a part of this decline may be attributed to the government's inability to collect accurate data owing to the Labor Day holiday. Claims have typically risen after the holiday.

The claims maintain a high level even though the economy is recovering. There has been a decline of 8% in new jobless claim applications, following the rally in July.

Companies are restricting their hiring due to weak growth and low demand for their offerings and the unemployment rate is at a 27-year high, at 9.6%.

Economists had projected initial claims to rise to 455,000 in the week ended September 18. Revised claims for last week were 3,000 higher, totaling 453,000.

The four-week average of initial claims, a more accurate gauge of employment trends, dropped 3,250 to 463,250.

The latest claims report includes estimates for the state of Nebraska. The official data for the previous week had estimates for two states and for nine states for the holiday week.

Read more from Benzinga's Markets.

Posted-In: labor department US Jobless ClaimsNews Intraday Update Markets Trading Ideas

 

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