Jobless Claims Jump Unexpectedly
NEW YORK (TheStreet) -- The number of Americans filing for unemployment benefits jumped unexpectedly last week, underscoring a faltering labor market that saw no new jobs created in August.
The Labor Department reported that initial jobless claims increased by 2,000 to 414,000 in the week ended Sept. 3. Economists had expected claims to come in slightly lower at 405,000 claims. The prior week's claims were upwardly revised to 412,000.
Continuing claims for the week ending Aug. 27 ticked down to 3.72 million, after a revised 3.75 million in the prior week. Economists had anticipated 3.7 million continuing claims in the week ending Aug. 27.
Meanwhile, the four week moving average for initial claims inched up 3,750 to 414,750 from a revised average of 411,000 in the prior week.Before the release of the report, High Frequency Economics said that claims would likely be elevated in the coming weeks due to the effects of Hurricane Irene. "It is true that the immediate impact of major weather events can be to depress claims, because people often have better things to do than file jobless claims when a storm is coming, but we think it is prudent now to assume that claims rose in the week after Irene," explained HFE. -- Written by Chao Deng in New York. >To contact the writer of this article, click here: Chao Deng. >To follow the writer on Twitter, go to: @chao_deng >To submit a news tip, send an email to: firstname.lastname@example.org.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV