US unemployment benefit applications rise

Written By Unknown on Kamis, 11 Juli 2013 | 20.47

US unemployment benefit applications rose 16,000 last week to a seasonally adjusted 360,000, although the level remains consistent with steady hiring.

The Labor Department said the less volatile four-week average increased 6000 to 351,750.

The weekly applications data can be volatile in early July because some automakers briefly shut down their factories to prepare for new models and many schools close.

Those factors can create a temporary spike in layoffs.

The broader trend has been favourable.

Applications have declined steadily in the past year, as companies have laid off fewer workers and stepped up hiring.

In the past six months, employers have added an average of 202,000 jobs a month.

That's up from an average of 180,000 in the previous six months.

Employers added 195,000 jobs in June, and revisions showed that an additional 70,000 jobs were added in the previous two months.

The unemployment rate was 7.6 per cent, down from 8.2 per cent a year earlier.

Applications fell to their lowest level since the recession began in the April-June quarter, according to calculations by Joseph LaVorgna, chief US economist at Deutsche Bank.

They averaged 346,000 a week in the second quarter.

That is the lowest quarterly average since it was 338,000 in the final three months of 2007.


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