This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Jobless Claims Fall 6,000

(Jobless claims article updated with additional information.)

NEW YORK ( TheStreet) -- The number of Americans filing initial claims for unemployment benefits unexpectedly fell by 6,000 last week to 472,000, the Labor Department said early Thursday.

The figure was expected to edge up by 2,000 to 475,000 for the week ended Aug. 28, from 473,000 in the prior week, indicating the jobs market may be stabilizing.

The number of people filing continuing claims -- those who have been receiving jobless benefits for at least a week already -- was 4,456,000 from 4,479,00 in the prior week. Continuing claims were expected to drop to 4,435,000.

The four-week moving average of initial claims, which strips out some of the volatility in week-to-week numbers, declined by 2,500 to 485,500.

"We're coming off one off one of the biggest rebounds of the year, so today will be a more of a consolidation day," Anthony Conroy, head trader at ConverEx Group, told CNNMoney. "We haven't been seeing the growth we need, so investors will be paying close attention to the economic data coming in, but the big number will in Friday's jobs report."

Market watchers continue to look forward to the Bureau of Labor Statistics' nonfarm payrolls report on Friday, which measures government jobs as well as private payroll. The report is expected to show an overall decline of 120,000 jobs in August, mostly because of losses in 2010 Census jobs, including an expected increase of 25,000 jobs in the private sector.

On Wednesday, private payrolls firm Automatic Data Processing (ADP - Get Report) reported that private employers unexpectedly shed 10,000 jobs in August.

Wall Street economists had believed payrolls would pick up a modest 13,000 jobs. The reported July gain also was scaled back in the report's revisions, now showing private managers added 37,000 positions instead of the gain of 42,000 originally reported.

In July, overall payrolls declined by 131,000 and private payrolls gained 71,000.

"Here in the U.S., you get an ADP number that's really not all that disappointing, considering that jobs numbers have been so bad of late and ADP tends to underestimate nonfarm payrolls anyways," said Jim Paulsen, chief investment strategist for Wells Capital Management, noting that the ADP report often gives a more dispiriting view on private sector hiring compared to the government monthly jobs assessment.

-- Written by Miriam Marcus Reimer in New York.



>To contact the writer of this article, click here: Miriam Reimer.

>To follow the writer on Twitter, go to http://twitter.com/miriamsmarket.

>To submit a news tip, send an email to: tips@thestreet.com.

Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
ADP $84.63 0.00%
AAPL $123.25 0.00%
FB $83.30 0.00%
GOOG $548.34 0.00%
TSLA $185.00 0.00%

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs