New claims for unemployment rise more than expected

Printer-friendly versionPrinter-friendly version

New claims for unemployment benefits rose more than expected last week; a government report released this morning, suggesting little improvement in the labor market this month after employment stumbled in May.

Initial claims for state unemployment benefits climbed 9,000 to a seasonally adjusted 429,000, the Labor Department said.

Claims increased 15,000 between months May and June survey periods, implying little or no gains in nonfarm payrolls this month after a modest 54,000 increase in May.  In the week ending June 18, the advance figure for seasonally adjusted initial claims was 429,000, an increase of 9,000 from the previous week's revised figure of 420,000.

The 4-week moving average was 426,250, unchanged from the previous week's revised average of 426,250.  Initial claims has now been above 400,000 11 weeks in a row.  Analyst gauge that figure with a stable labor market.

The advance seasonally adjusted insured unemployment rate was 2.9 percent for the week ending June 11, unchanged from the prior week's unrevised rate of 2.9 percent.