The bad economic news continued this week with the Labor Department reporting Thursday that claims for state unemployment benefits increased to the highest level since June. The new number: 315,000, a disappointing 15,000 higher than economists’ forecasts.
Reuters reports the “unexpected” rise:
The number of Americans filing new claims for unemployment benefits unexpectedly rose last week, but that probably does not signal a material shift in labor market conditions as claims remain near their pre-recession levels.
Initial claims for state unemployment benefits increased 11,000 to a seasonally adjusted 315,000 for the week ended Sept. 6, the highest level since late June, the Labor Department said on Thursday.
Economists polled by Reuters had forecast claims slipping to 300,000 last week.
Reuters explains that unemployment numbers during holiday weekends tend to be “volatile,” but even the four-week average of claims rose to 304,000.
Some other bad news on the horizon: the Atlantic City casino closings will impact claims in the coming weeks.
The rise in unemployment follows the miserable August jobs report that showed the most anemic growth all year.
