Real-Time Quote
US News
Page 1 of 3 | Next Page
Show Entire Article

Jobless Claims Go Higher; Income, Spending Both Up
Reuters | January 31, 2013 | 09:55 AM EST

The number of Americans filing new claims for unemployment benefits last week stayed in a range consistent with job growth and incomes rose in December by the most in eight years, mildly positive signs for a still-fragile economy.

The data suggests points to some underlying momentum in the economy despite a surprise contraction in gross domestic product during the fourth quarter, which largely came from temporary factors.

Last week, initial claims for state unemployment benefits increased 38,000 to 368,000, the Labor Department said on Thursday.

The increase follows a week where new claims were at their lowest in five years and still points to an economy where employers are adding jobs, albeit at a lackluster pace.

"It's still consistent with modest employment growth," said Sam Bullard, an economist at Wells Fargo Securities in Charlotte, North Carolina.

Economists polled by Reuters had expected claims to increase to 350,000.

Claims have been very volatile this month, dropping sharply in the week ended Jan. 12 and maintaining the trend in the following week. That was largely because the model used by the department to smooth out the seasonal variations has been unusually generous during the first three weeks of January.

Page 1 of 3 | Next Page
Show Entire Article
Real-Time Quote
omniture pixel