Initial Jobless Claims Highest Since April
This morning, the Department of Labor said that initial jobless claims edged up last week, from 460,000 to 479,000. Economists expected the number of claims to decrease. The weekly figure is the highest since April. Economists believe it needs to fall into the 300,000s to bring down the overall unemployment rate. The 4-week moving average rose to 458,500.
The number of new jobless claims has not fallen since the beginning of the year, indicating a stall-out in the recovery and implying a steady, high unemployment rate.