Disappointing initial jobless claims report is further indication the economy is stagnant.
Initial jobless claims unexpectedly ticked up in the week ending Sept. 3 to 414,000, an increase of 2,000 from the previous week’s revised figure of 412,000, the Labor Department announced today. The four-week moving average, a less volatile number that flattens out week-to-week fluctuations in the data, was 414,750, an increase of 3,750 from the previous week’s revised average of 411,000. The report comes in advance of President Obama’s announcement tonight of his jobs creation plan and is further indication that the economy is remaining stagnant. It was announced last week that no new jobs were created in August. The number of Americans filing for continuing unemployment claims during the week ending Aug. 27 was 3,717,000, a decrease of 30,000 from the preceding week’s revised level of 3,747,000. The four-week moving average was 3,734,500, an increase of 5,500 from the preceding week’s revised average of 3,729,000. States reported 3,060,622 persons claiming emergency unemployment benefits in the week ended Aug. 20, a decrease of 57,420 from the previous week. The total number of people claiming benefits in all programs ending Aug. 20 was 7,169,176, a decrease of 167,009 from the previous week. The largest increases in initial claims for the week ending Aug. 27 were in Arkansas, California, Florida Kansas, and South Carolina. The largest decreases were in Massachusetts, New Jersey, North Carolina, Oregon, and Pennsylvania.