The U.S. Labor Department is out with its report on weekly jobless claims, and the major score from the prior week was not followed. Weekly jobless claims rose by 23,000 to 302,000, while Bloomberg and Dow Jones were both looking for claims to come in at 305,000. The prior week's figure was revised to 279,000 from 284,000.
Keep in mind that the prior week's report was the best report since before the recession. A positive sign was seen in the four-week average, falling by 3,500 to 297,250 — the lowest level in a decade.
The continuing jobless claims report, the so-called army of the unemployed, which is reported with a one week lag, rose by 31,000 to a seasonally adjusted 2.54 million.
Friday will bring the Labor Department's unemployment and payrolls report. Estimates are as follows:
- Nonfarm payrolls expected to be up 233,000, versus 288,000 the prior month.
- Private sector payrolls expected to rise 233,000, versus 262,000 the prior month.
- And 6.1% unemployment, flat versus the prior month.
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