From the FINANCIAL TIMES:
Initial jobless claims rose by a more-than-expected 37,000 to 464,000 last week, according to the labor department. In the last month, weekly claims have averaged 456,000.
Emergency claims for jobless benefits plunged earlier this month, as Congress debated extending unemployment insurance, leading to delays. Earlier this week the US Senate voted to extend unemployment insurance, advancing legislation that would deliver up to $34bn in additional fiscal stimulus to the economy.
Economists argue that new claims need to fall to the low-400,000 level before the US can begin sustainably creating jobs. Joshua Shapiro, chief US economist at MFR, said stubbornly high levels of jobless claims could signal that recent gains in overall payrolls could be overstated…
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