US Jobless Claims +11K To 428K In Sep 10 Week


The number of idled U.S. workers making new applications for unemployment benefits rose last week to its highest level in more than two months, reflecting the persistent weakness of the jobs market
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        Initial jobless claims increased by 11,000 to a seasonally adjusted 428,000 the week ended Sept. 10, the Labor Department said Thursday. Claims filed in the previous week were revised to 417,000 from an originally reported 414,000.

        The increase was much bigger than expected. Economists had forecast claims would rise by 1,000. The level was the highest since the week ending June 25.

        A Labor Department economist said there was no indication Hurricane Irene had inflated the numbers.

        Economists generally think the economy is adding more jobs than it is shedding when claims drop below 400,000.

        The four-week moving average of new claims, a more reliable indicator of the labor market's recent performance because it smoothes out volatile weekly data, increased by 4,000 to 419,500.

        Unemployment is expected to remain high through next year, with the economy growing only modestly in 2012. Next week, the Federal Reserve meets, amid expectations policymakers might announce a plan to buy long-term bonds and sell short-term securities in order to spur the economy.

        President Barack Obama last week unveiled a plan intended to create jobs. The government's latest employment report showed that 42.9% of jobless Americans, or 6.0 million people, were out of work for more than six months. About 14 million Americans who would like to work can't get a job.

        Thursday's report showed the number of continuing unemployment benefit claims--those drawn by workers for more than a week-- declined by 12,000 to 3,726,000 in the week ended Sept. 3. Continuing claims are reported with a one-week lag.

        The unemployment rate for workers with unemployment insurance for the week ending Sept. 3 held steady at 3.0%.

        The state-by-state breakdown in claims, which is also released with a lag, showed the biggest increase the week ended Sept. 3 was in Kansas, where claims rose by 1,969 because of layoffs in the transportation and electrical manufacturing industries.

        New York state had the biggest decrease, with claims falling by 2,854 as there were fewer layoffs in the transportation, education-related service, and service industries.

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