Little change in the number of first-time filers
The number of first-time filers for unemployment benefits spiked in the week ending September 3 to 414,000, an increase of 2,000 from the previous week’s revised figure of 412,000.
This underlines the continuing malaise in the job market just hours before an important jobs speech by President Obama to a joint session of Congress.
The 4-week moving average also rose to 414,7500, an increase of 3,750 from the previous week’s revised average of 411,000.
The advance seasonally adjusted insured unemployment rate was 3.0% for the week ending July 30, unchanged from the prior week’s revised rate.
Continuing claims – which include people filing for the second week of benefits or more during the week ending August 27 was 3,717,000, a decrease of 30,000 from the preceding week’s revised level of 3,747,000.
The 4-week moving average was 3,734,500, an increase of 5,550 from the preceding week’s revised average of 3,729,000.
The US job creation machine has clearly stalled and businesses will be looking not only to the President’s speech, but to any sort of consensus on action by the two combative political parties.
U.S. stock index futures extended losses after the release of unemployment numbers, while Treasury debt prices held gains.
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