Initial Jobless Claims Fall 2.7%
Initial jobless claims fell 2.7% to 323,000 for the week ending Aug. 31, according to a Labor Department report released today. After hitting 337,000 in mid-August, this latest report marks the second week of declines and puts initial claims near their recovery low.
After dipping a revised 1.5% to 332,000 the previous week, analysts had expected only a slight decrease to 330,000.
Source: Author, data from Labor Department.
From a more long-term perspective, a 1% fall in the four-week moving average to 328,500 initial claims reversed a gain in that metric the previous week. Both the latest week's claims and the four-week average fall significantly below 400,000, a cutoff point that economists consider a sign of an improving labor market.
On a state-by-state basis, California and Missouri recorded a decrease of more than 1,000 initial claims for the week ending Aug. 24 (most recent available data). California pointed to fewer services layoffs as the primary reason for its 2,540-claim dip, while Missouri gave a nod to manufacturing and construction for its 1,710 reduction.
For the same period, only New York registered an increase of more than 1,000 initial claims. Its numbers bumped up 3,570 due primarily to transportation and health care layoffs.
The article Initial Jobless Claims Fall 2.7% originally appeared on Fool.com.
Fool contributor Justin Loiseau has no position in any stocks mentioned. You can follow him on Twitter @TMFJLo and on Motley Fool CAPS @TMFJLo.The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.
