- MarketPulse - https://www.marketpulse.com -

US Jobless Claims Rise +7k to +343k

More Americans filed for unemployment benefits last week as annual auto-plant shutdowns continued to affect data.

Jobless claims rose by 7,000 to 343,000 in the week ended July 20 from a revised 336,000 the prior period, Labor Department figures showed today in Washington. The median forecast of 49 economists surveyed by Bloomberg projected 340,000. The retooling at carmakers and school closings typical during this time of year continued to influence the figures last week, a spokesman said as the data were released.

Beyond the swings, the job market is improving as firings slow and payroll gains pick up, raising the odds that consumer spending will accelerate in the second half of the year. Fewer dismissals would lay the foundation for larger gains in hiring as the peak of the drag from government budget cuts passes.

“The trend in claims is fairly stable,” said Sean Incremona, a senior economist at 4Cast Inc. in New York, who projected an increase in claims. “We’re sustaining the improvement we saw from late last year, but not necessarily gaining a great deal of momentum on top of that.”

Orders for durable goods rose more than forecast in June, pointing to a pickup in manufacturing that will help the economy accelerate in the second half of the year, figures from the Commerce Department also showed today.

Bloomberg [1]

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 [6]

Vice-President of Market Analysis at MarketPulse [7]
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
Dean Popplewell

Latest posts by Dean Popplewell (see all [6])