WASHINGTON — The number of Americans applying for unemployment benefits rose by 7,000 last week to a seasonally adjusted 343,000.
The increase in the week ending July 20 follows a drop of 22,000 the previous week. But the broader trend is consistent with an improving job market.
The four-week average, which smooths out weekly fluctuations, fell 1,250 to 345,250, according to the Labor Department.
“Claims continue to signal no let-up in employment growth,” Jim O’Sullivan, chief U.S. economist at High Frequency Economics, wrote in a research note.
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Double talk. How can an increase in unemployment signal an increase in employment?? Could Om' have had a hand in this report?
ReplyDeleteYes! More unemployment claims indicate that people had actually found jobs, and now, well, not. So they are still now re-unemployed. Common in construction, as I have to hire as the work comes in, but lay off as the work is not found.
ReplyDeleteThere is still a giant sucking sound going on, just like the last 5 years, but O'Malley has added zillions of minimum wage part time jobs to replace the thousands of full timers with bennies.
Don't you feel the "wave"?
The end of the summer season is going to create more joblessness.
ReplyDelete