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ECONOMIC REPORT: Weekly, average U.S. claims diverge; Latest figures still show weak job market
By Rachel Koning, CBS.MarketWatch.com
Last Update: 8:33 AM ET June 12, 2003
The number, preferred because it irons out the seasonal fluctuations that can sometimes skew the weekly statistics, has remained above the pivotal 400,000 level for a 15th straight week.
Most economists say that's the line that divides a worsening labor market from an improving labor market and insist they will need to see several weeks of claims levels below 400,000 to declare the job market has turned the corner.
For just the week ended June 7, initial claims dropped 17,000 to 430,000, remaining above 400,000 for more than four months now.
The previous week was revised to show a 22,000-claims increase to 447,000.
A Labor official said some volatility tied to the Memorial Day holiday was still surfacing in the data. He recommended using the average as a better gauge of current labor market conditions, particularly around holidays.
The number of Americans who remain on benefits rolls rose 120,000 to 3.80 million, the highest level since April 1983.
The four-week average of for insured unemployment increased 16,500 to 3.719 million, also the highest since spring 1983, a period when the United States was just emerging from a recession.
The insured unemployment rate rose to 3 percent from 2.9 percent.
By Rachel Koning, CBS.MarketWatch.com
Last Update: 8:33 AM ET June 12, 2003
The number, preferred because it irons out the seasonal fluctuations that can sometimes skew the weekly statistics, has remained above the pivotal 400,000 level for a 15th straight week.
Most economists say that's the line that divides a worsening labor market from an improving labor market and insist they will need to see several weeks of claims levels below 400,000 to declare the job market has turned the corner.
For just the week ended June 7, initial claims dropped 17,000 to 430,000, remaining above 400,000 for more than four months now.
The previous week was revised to show a 22,000-claims increase to 447,000.
A Labor official said some volatility tied to the Memorial Day holiday was still surfacing in the data. He recommended using the average as a better gauge of current labor market conditions, particularly around holidays.
The number of Americans who remain on benefits rolls rose 120,000 to 3.80 million, the highest level since April 1983.
The four-week average of for insured unemployment increased 16,500 to 3.719 million, also the highest since spring 1983, a period when the United States was just emerging from a recession.
The insured unemployment rate rose to 3 percent from 2.9 percent.
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