Continuing claims rise 129,000 to 6.23 million
WASHINGTON (MarketWatch) -- The number of people filing for state unemployment benefits for the first time fell 12,000 to a seasonally adjusted 545,000 last week, the lowest since mid-July, the U.S. Labor Department reported Thursday. Initial claims have been in a fairly narrow range for the past nine weeks, down about 125,000 from the peak in March, but well above levels typical of a healthy economy.
"Claims should now be falling," wrote Ian Shepherdson, chief U.S. economist for High Frequency Economics. "The economy is expanding, albeit fitfully, and the pace of layoffs is too high relative to current gross domestic product growth. That might be because companies are profoundly skeptical about the sustainability of the upturn."
The number of people claiming benefits of any kind was 9.53 million, not seasonally adjusted. Read the full report.
Economists surveyed by MarketWatch expected initial claims to rise to 563,000 in the week ending Sept. 12. The level of initial claims in the week ending Sept. 5 was revised up by 7,000 to 557,000. See Economic Calendar.
The survey week included the Labor Day holiday. Because state unemployment offices are closed for a day, fewer people are able to file during holiday weeks. But the seasonal adjustment factors take holidays into account.
The four-week average of new claims fell 8,750 to 563,000, the lowest in six weeks. The four-week average smoothes out data to minimize the impact of one-time changes due to weather, strikes or holidays.
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