» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 127 | NO. 141 | Friday, July 20, 2012

Jobless Claims Rise to 386K on Seasonal Factors

By PAUL WISEMAN

Print | Front Page | Email this story | Comments ()

WASHINGTON (AP) – The number of Americans seeking unemployment benefits rose by 34,000 last week, a figure that may have been skewed higher by seasonal factors.

Applications for benefits increased to a seasonally adjusted 386,000, the Labor Department said Thursday. The gain followed a drop of 24,000 the previous week and was the biggest jump since April 2011.

Economists view the recent numbers with skepticism. The government struggles to adjust the data to reflect temporary summertime layoffs in the auto industry, they note. And this year, many automakers skipped those typical shutdowns to keep up with demand. That led to fewer layoffs two weeks ago, which the Labor Department didn’t anticipate.

“All of this is statistical noise,” Joshua Shapiro, chief U.S. economist at MFR Inc., wrote in a note to clients. “What will be more important than these short-term gyrations is where claims settle down after the distortions end. We suspect that the data will point to a soggy labor market.”

The less volatile four-week average fell by 1,500 to 375,500.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 83 170 7,919
MORTGAGES 93 201 9,400
FORECLOSURE NOTICES 32 40 1,398
BUILDING PERMITS 113 243 16,850
BANKRUPTCIES 50 105 5,511
BUSINESS LICENSES 37 69 3,017
UTILITY CONNECTIONS 28 75 3,325
MARRIAGE LICENSES 33 70 1,758

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.