Jobless Claims Rose Last Week -- But Less Than Expected

unemployment applications

WASHINGTON, Oct 4 (Reuters) - The number of Americans filing new claims for unemployment benefits rose less than expected last week, according government data on Thursday that suggested a mild improvement in the labor market.

Initial claims for state unemployment benefits climbed 4,000 to a seasonally adjusted 367,000, the Labor Department said. The prior week's figure was revised up to show 4,000 more applications than previously reported.

Economists polled by Reuters had forecast claims rising to 370,0000 last week. The four-week moving average for new claims, a better measure of labor market trends, was unchanged at 375,000. It was the first time since December last year that the four-week average was unchanged.

A Labor Department official said there were no special factors influencing the report and no states had been estimated.

Despite fears of tighter fiscal policy next January, there is little sign that companies are responding by laying off workers on a wide scale.

Last week's claims data fell outside the survey period for the September employment report, but applications dropped 18,000 from the first week of the month, signaling some improvement in the pace of job creation last month.

Employers are expected to have added 113,000 jobs to their payrolls in September, an increase from 96,000 in August, with the unemployment rate edging up by a tenth of a percentage point to 8.2 percent, according to a Reuters survey of economists.

More: Have The Unemployed Become The New Pariahs?


The anticipated modest improvement in labor market conditions has also been telegraphed by increases in measures of manufacturing and service sector jobs in September. In addition, payrolls processor ADP on Wednesday reported better than expected private sector jobs gains in September.

Worries over the so-called fiscal cliff - automatic tax hikes and government spending cuts that will suck about $600 billion out of the economy next year if lawmakers fail to agree how to slash the budget deficit - are making businesses cautious about ramping up hiring.

The claims report showed the number of people still receiving benefits under regular state programs after an initial week of aid was unchanged at 3.28 million in the week ended Sept. 22. It was the first time since December last year that so-called continuing claims were unchanged.

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tj1108

Unemployment rate drops because less jobs avaiable and more people giving up looking for work and this is reported as good thing. Is the general public really that stupid. I guess we will find out next month. You would think after almost 4 years of this nonsense there would be enough buyers remorse to flush Obama and his cronies come Nov.

October 05 2012 at 11:57 AM Report abuse rate up rate down Reply
devlinmayham

america needs change.

October 05 2012 at 12:42 AM Report abuse +1 rate up rate down Reply
bjzink

Wonder if all those young illegals who have been given permission to stay in the US and get jobs have been added to the rolls of the unemployed - granted they may not have already had jobs and applied for unemployment payments, but now they are competing with the legal citizens (recent HS & college grads) who have been unable to find work. Smoke & mirrors when the unemployment percentage is figured with only the folks who are drawing the unemployment checks. Does anyone really know a real figure????

October 04 2012 at 4:50 PM Report abuse +1 rate up rate down Reply
darbrow717

Yea, get a talking head to say, "we expect 1,000,000 new claims this month".
Then when its only 500,000 or so, it looks great.

Great job guys, give yourselves a pat on the back.

October 04 2012 at 12:19 PM Report abuse +3 rate up rate down Reply
papadb24

More Cheerleading by Huff Post.

October 04 2012 at 12:14 PM Report abuse +3 rate up rate down Reply
wheresmyfreemoney

I love these rose colored glasses, it blocks the smoke this rag is blowing up our arses.

October 04 2012 at 10:13 AM Report abuse +4 rate up rate down Reply
jdykbpl45

Notice to the Unemployed: Huff Puff has labeled you as a pariah. This was done at the direction of Obama, Biden, Pelosi, and Reid.

October 04 2012 at 10:11 AM Report abuse +1 rate up rate down Reply
jdykbpl45

After another upward revision of last week's jobless total, jobless claims are up, again. Really?

Thank you Obama, Biden, Pelosi, Reid, Bernake, Geithner, and gun runner Holder.

October 04 2012 at 10:08 AM Report abuse +1 rate up rate down Reply