New jobless claims rise more than expected

Jobless claims in the Unites States established an eight week high coming in at 282,000 for the week ending August 29. This is sharp increase of over 12,000 and was unexpected according to the U.S. Labor Department.

This was an unexpected increase as the Labor Department, and other analysts, expected the figure to be closer to 275,000 reported Bloomberg Business. The Labor Department claimed that a volatile atmosphere currently pervades with the onset of a new school year and that certain adjustments can be problematic.

Jobless claims have been well below the 300.000 mark since March. The Labor Department states that this is because American employers remain optimistic with regard to current and future business and that their outlook for domestic sales looks strong. This, despite current rumblings in the global markets and that things are slowing down in much of the rest of the world.

The monthly report for August is due out on Friday. Analysts suggest that this will show a continued confidence in hiring and seems to have the confidence and support of current consumer spending. certain analysts also suggest that the job market continues to tighten and unemployment seems to be low considering the current pace of the economy.

Last week, the states were not estimated and the Labor Department reports this as not being unusual. The running four week average with regard to claims rose slightly from 272,250 to 275,500. The number of Americans currently receiving unemployment benefits sits at 2.26 million, a decrease of 9,000. For those who are eligible for benefits, the unemployment rate among them came in at 1.7%.

 

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