US Weekly Claims Climb More Than Forecast

More Americans than forecast filed applications for unemployment benefits last week, showing progress on reducing joblessness remains uneven amid slower growth this quarter.

Jobless Claims climbed by 18,000 to 354,000 in the week ended June 15 from a revised 336,000 the prior period, the Labor Department reported today in Washington. The median forecast of 46 economists surveyed by Bloomberg called for 340,000. No states were estimated and there was nothing unusual in the data, a Labor Department spokesman said as the figures were released.

Employers will need to limit firings before the world’s largest economy can show bigger gains in payrolls. Federal Reserve officials announced yesterday that they would maintain the central bank’s $85 billion in monthly asset purchases until the expansion shows further signs of strengthening.

“Firms have just been very cautious in their hiring and they remain so,” said Stephen Stanley, chief economist at Pierpont Securities LLC in Stamford, Connecticut. Stanley projected a rise in claims to 346,000. Still, “by and large, the conditions in the labor market are pretty steady.”

Stock-index futures held earlier losses after the report. The contract on the Standard & Poor’s 500 Index maturing in September declined 0.9 percent to 1,609.6 at 8:45 a.m. in New York after the Fed said it may start paring stimulus measures later this year.


This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Dean Popplewell

Dean Popplewell

Vice-President of Market Analysis at MarketPulse
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.
Dean Popplewell