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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Initial Jobless Claims Snap Back Above 400,000

Jobless claims article updated with comments.

NEW YORK ( TheStreet) -- Weekly jobless claims ticked back above 400,000, suggesting that the U.S. jobs market has yet to see sustained improvement.

Some 401,000 Americans filed for unemployment in the week ended Oct. 1, according to the Labor Department. The latest update was up by 6,000 from the previous week's revised 395,000.

The four-week moving average slipped by 4000 to 414,000.

With the exception of the prior week's figure, initial jobless claims have stubbornly clung above the 400,000 mark since April of this year. The unemployment rate has remained above 9% since the spring of 2009.

According to Ian Shepherdson, economist at High Frequency Economics, Hurricane Irene may have driven claims up for some time. "Now they have fallen back to trend... For now, these numbers look good, though we can't be sure they'll stay that way given weak business confidence," writes Shepherdson.

Until initial claims stay below 400,000 and trend downward, economists are reluctant to say that the jobs market is recovering. After zero net job creation in August, indications for the September employment report, out on Friday, are mixed. Most economists predict that unemployment stuck around 9.1% and that the economy added around 60,000 jobs in September.

On Wednesday, Automatic Data Processing reported that U.S. companies added 91,000 jobs in September, up from the numbers of jobs added in August. The ADP estimate was a welcome prelude to this Friday's jobs report.

However, not all data on the jobs market point to improvement. Consulting firm Challenger, Gray & Christmas said that companies plant to cut 115,730 jobs in September after announcing 51,114 layoffs in August. Monthly job losses have jumped to the highest level since April 2009.

-- 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: tips@thestreet.com.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!

Markets

DOW 18,085.06 +54.85 0.30%
S&P 500 2,091.59 +9.71 0.47%
NASDAQ 4,797.4740 +24.0020 0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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