Jobless cliams rise but analysts say July numbers are unreliable
The rise in jobless claims for the week ending July 6 is seen as a possible result of summer job hiring and leaving, but the numbers to record a two-month high, the U.S. Labor Department reported Thursday.
Initial jobless claims reached a seasonally adjusted 360,000, a jump of 16,000 from the previous week. MarketWatch anticipated a climb to 349,000, so the actual number was indeed higher than expected.
Labor officials claim July numbers can be skewed by auto factory retooling needs that cause temporary layoffs, as well as the volatile summer job market, and the holiday weekend that was included in the data period, according to MarketWatch.
Continuing claims numbers, for the people already receiving benefits, dropped by 24,000, to a seasonally adjusted total of 2.98 million, according to the report.
Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.
In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.
McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.
McDill is the father of four children, and an active fan of soccer, Jimmy Buffett and all things Disney.