Jobless claims drop to lowest in a month

WASHINGTON, Sept 6 (Reuters) - The number of Americans filing new claims for jobless benefits fell last week to its lowest level in a month, an upbeat signal for a labor market that has struggled to create enough jobs.

Initial claims for state unemployment benefits dropped 12,000 to a seasonally adjusted 365,000, the Labor Department said on Thursday.

It was the first drop in new claims since the week that ended Aug. 4 and the lowest level since then as well.

Economists polled by Reuters had forecast claims dipping to 370,000 last week. The prior week's figure was revised up to show 3,000 more applications than previously reported.

However, the four-week moving average for new claims, a better measure of labor market trends, edged up to 371,250.

A Labor Department official said there was nothing unusual in the data and no sign Hurricane Isaac affected the level of claims. The storm hit the U.S. Gulf Coast last week, disrupting business at the region's ports, airports and oil refineries.

The report has no direct bearing on Friday's monthly employment report for August, which is expected to show nonfarm payrolls rose by a modest 125,000 last month, while the unemployment rate is seen staying the same at 8.3 percent.

The state of the labor market, particularly the unemployment rate, could determine whether the Federal Reserve will offer additional monetary stimulus to the economy at its Sept. 12-13 policy meeting.

The unemployment rate has been stuck above 8 percent for more than three years.

Although housing and retail sales data suggest that economic activity picked up early in the third quarter, business spending is weakening and inflation is slowing.

In the week ended Aug. 25, the number of people still receiving benefits under regular state programs after an initial week of aid fell to 3.322 million, the Labor Department said.


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101 Comments

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captmerit

right

September 10 2012 at 1:01 PM Report abuse rate up rate down Reply
tsimpson2333

Unfortunately the total jobs created in the four years under Obama are less than a net of 500,000 jobs.

September 08 2012 at 11:43 AM Report abuse +3 rate up rate down Reply
1 reply to tsimpson2333's comment
wfreeberg

Yes, but the hemoraging has lessoned. Less jobs lost every week than in 2008

September 10 2012 at 4:40 PM Report abuse -1 rate up rate down Reply
chris1011

In the next couple of months, we will all hear the same BS rhetoric that we have heard for the last 4 years about the President. He is a socialist/Marxist/communist/fascist Saul Alinsky following Trotskyite. That he hates America and he wants to destroy America because he is not really an American. I just hope after Obama gets re-elected, that those holding your poison pens dripping with venom, will realize that we do not have another 4 years to waste and that you need to put aside your pens if you truly love your country. Hoping that America fails just for the purpose of gaining power is the most un-patriotic act you can possibly perform. I know this is asking much from some of you, but not all. Hopefully there will be enough sane opposition left for the sake of our country.

September 07 2012 at 6:27 PM Report abuse -4 rate up rate down Reply
2 replies to chris1011's comment
bprater

BS

September 07 2012 at 11:24 PM Report abuse +3 rate up rate down Reply
democracks0

Chrissy is worried if Obama loses Chrissy won't have that thrill running up his leg anymore. Chrissy is a rah rah cheerleading Obamite and a good little yes we can hope and change Obamite soldier.

Obamas a fiasco

September 09 2012 at 9:02 AM Report abuse +3 rate up rate down Reply
2 replies to democracks0's comment
teapartyisnuts

How did you know he had a thrill running up his leg? Are you inside his pants?

September 10 2012 at 11:30 AM Report abuse rate up rate down
democracks0

That's more your area of expertise unless the prayers have been working. LMAOOOOO

September 10 2012 at 3:58 PM Report abuse +1 rate up rate down
chris1011

In the next couple of months, we will all hear the same BS rhetoric that we have heard for the last 4 years about the President. He is a socialist/Marxist/communist/fascist Saul Alinsky following Trotskyite. That he hates America and he wants to destroy America because he is not really an American. I just hope after Obama gets re-elected, that those holding your poison pens dripping with venom, will realize that we do not have another 4 years to waste and that you need to put aside your pens if you truly love your country. Hoping that America fails just for the purpose of gaining power is the most un-patriotic act you can possibly perform. I know this is asking much from some of you, but not all. Hopefully there will be enough sane opposition left for the sake of our country.

September 07 2012 at 6:27 PM Report abuse -4 rate up rate down Reply
1 reply to chris1011's comment
democracks0

No one hopes America will fail except people like you who continue to support Obama. Obamas a fiasco.

September 09 2012 at 9:04 AM Report abuse +4 rate up rate down Reply
donut999

Frankie is right. All the other factors aside, it is good news. Remember early 2009 when jobs were being lost at the rate of 800,000 per month? For Obama haters, that was all his fault after he was sworn in January 2009.

September 07 2012 at 8:59 AM Report abuse -3 rate up rate down Reply
1 reply to donut999's comment
jdykbpl45

Keep on smoking and drinking that Obama kool aid.

September 07 2012 at 6:02 PM Report abuse +5 rate up rate down Reply
1 reply to jdykbpl45's comment
teapartyisnuts

jdykbpl45
Keep on drinking your tea and eating bowels of fruit loops.

September 10 2012 at 11:30 AM Report abuse rate up rate down
crabnebulajr

Total nonsense presented as fact, journalism today, it's just fiction and propaganda. They have fired everyone they can possibly fire, that's what is happening. Plus any jobs added are low paying temp jobs. Nice try for the corporate stooges running this site. Indonesia has a better employment rate, as does Mexico. Per The Economist magazine. Our government sell outs keep sending our jobs to China, as well as our industry, so duh, how will jobs return as long as that remains the situation? Never. But just wait when they start WWIII and revive the draft the unemployment rate will go down.

September 07 2012 at 8:07 AM Report abuse +3 rate up rate down Reply
rlupia

We all know that when the jobs figures are released later today they will show growth in jobs and a possible dip in the unemployment rate. It's designed to make Obama look like he is actually doing something on the economy. Next month when it will be too late to effect the election the new jobs figure will be revised downward and the unemployment rate will be revised upward.

September 07 2012 at 5:53 AM Report abuse +2 rate up rate down Reply
Frankie

Republicans HATE when America does better.

September 07 2012 at 1:45 AM Report abuse -5 rate up rate down Reply
1 reply to Frankie's comment
democracks0

I bet Nancy Pelosi told you to post that.


Obamas a fiasco.

September 09 2012 at 9:05 AM Report abuse +3 rate up rate down Reply
parthenon1

unemployment claims wont be good news until they drop by 500,000 per month not lowest by a few hundred for a months reporting the economy is dead and it is all Obama's fault for pushing socialistic type of moves to make the Fed government the do-all, end-all. What we need is far more State and local control and far less fed involvment.

September 06 2012 at 10:29 PM Report abuse +1 rate up rate down Reply
fitzbeerman

No one left to fire.

September 06 2012 at 10:19 PM Report abuse +4 rate up rate down Reply