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ECONOMIC REPORT: U.S. weekly jobless claims highest in over a year
By Robert Schroeder, MarketWatch Last Update: 8:39 AM ET Nov 30, 2006

WASHINGTON (MarketWatch) -- The number of U.S. workers applying for jobless benefits climbed by the highest amount in more than a year last week, to 357,000, the Labor Department said Thursday.

First time claims for state unemployment benefits rose by 34,000 to 357,000 for the week ending Nov. 25. The rise in claims is up from a revised 323,000 the prior week, the Labor Department said.

Initial claims are the highest since Oct. 8, 2005.

Higher levels of initial claims are not unusual at this time of year, when some employers close down for Thanksgiving and other holidays.

The four-week average of new claims, considered a more accurate indicator because it smoothes out events like holidays and strikes, rose by 7,250 to 325,000 for the week ending Nov. 25.

Meanwhile, the number of workers continuing to collect unemployment benefits jumped by 45,000 during the week ending Nov. 18, to 2.48 million. The four-week average of continuing claims also rose, by 18,750 to 2.45 million.

Initial unemployment claims represent job destruction, while the level of continuing claims indicates how hard or easy it is for displaced workers to find new jobs.

The insured unemployment rate -- the percentage of all those covered by unemployment insurance who are collecting benefits -- remained at 1.9% for the week ended Nov. 18.

8:30 AM ET
U.S. 4-wk avg. continuing jobless claims rise to 2.45 mln
U.S. 4-wk avg. continuing jobless claims rise to 2.45 mln
U.S. continuing jobless claims rise 45,000 to 2.48 million
U.S. 4-week avg. initial jobless claims up 7,250 to 325,000
U.S. initial weekly jobless claims highest in more than year
U.S. initial weekly jobless claims rise 34,000 to 357,000


U.S. Oct. core inflation up 0.2% vs. 0.1% expected
U.S. Oct. incomes up 0.4% vs. 0.5% expected~
U.S. Oct. real disposable incomes up 0.6%
U.S. Oct. real consumer spending up 0.4%, best since July
U.S. Oct. personal savings rate -0.6%, best since March
U.S. core consumer prices up 2.4% in past year

ECONOMIC REPORT: Consumer spending perks up in October; Core inflation rises 0.2%, a tenth higher than expected
By Rex Nutting, MarketWatch Last Update: 8:32 AM ET Nov 30, 2006

WASHINGTON (MarketWatch) - Real consumer spending in the United States rose 0.4% in October following two lukewarm months, the Commerce Department reported Thursday.

Core inflation rose slightly faster than expected at 0.2%, keeping the year-over-year gain in the core personal consumption expenditure price index at 2.4%, well above the Federal Reserve's implied cap of 2%.

Economists had been expecting core prices to rise just 0.1%, according to a survey conducted by MarketWatch.

With gasoline prices falling in September and October, overall consumer prices are up 1.5% in the past year, the lowest inflation rate in four years.

Nominal incomes rose 0.4%, the weakest growth since June, and a tenth lower than expected. However, with prices falling 0.2%, real (inflation-adjusted) after-tax incomes rose 0.6%, the second-best growth in more than a year.

Nominal spending increased 0.2 in October, a tick higher than the 0.1% expected. Nominal spending in September was revised lower to negative 0.2% from 0.1%.

Real spending in October was boosted by a 0.7% gain in purchases of nondurable goods. Spending on durable goods increased 0.2% and spending on services increased 0.3%.

With real disposable incomes rising faster than real spending, the personal savings rate improved to negative 0.6%, the highest since March. The savings rate has been negative for 19 consecutive months. The savings rate can be negative if consumers borrow or sell assets to support consumption.

On the income side, employee compensation increased 0.6% for the second straight month. Wages rose 0.6% while supplements such as benefits rose 0.5%.

Proprietors' income increased 0.1% after no growth in September. Income from assets, such as dividends and interest, increased 0.7%. Personal taxes increased 1.2%