US Weekly Jobless Claims Fall to 472,000

New claims for jobless benefits for the week ending August 28th fell by 6,000 to 472,000 compared to the previous week. Employment remains a concern as companies hold off on hiring on fears that the economy could slow further in the second half of the year.

“The rate of layoffs is still uncomfortably high,” said Chris Low, chief economist at FTN Financial in New York. “This continues to feed the unemployment rolls. We see no reason to expect an acceleration in consumer spending.”

Source: Bloomberg

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