Headlines on the major wires are -”Weekly jobless claims unexpectedly rise” what where they really expecting that Obama would pull a Rabbit out of his hat and the job market would have a Summer surge? As HotAir an other blogs point out, the head line should be more like, “For the eighth week in a row, unemployment claims rise”
The number of initial jobless claims remained in the 420K range, according to the Department of Labor’s report today. Last week saw a slight increase of just 1,000 to the number of new claims from the previous week, which got revised upward by 4,000 from the previous week’s initial report:
In the week ending June 4, the advance figure for seasonally adjusted initial claims was 427,000, an increase of 1,000 from the previous week’s revised figure of 426,000. The 4-week moving average was 424,000, a decrease of 2,750 from the previous week’s revised average of 426,750.
The advance seasonally adjusted insured unemployment rate was 2.9 percent for the week ending May 28, a decrease of 0.1 percentage point from the prior week’s unrevised rate of 3.0 percent.
- Weekly jobless claims “unexpectedly” rise again? (hotair.com)