US Jobless Claims Jump to Highest Level in 6 Weeks
Numbers are all over the place as the economy tries to get used to the tyrant Obama.
Check it out:
The number of Americans seeking unemployment aid rose 32,000 last week to a seasonally adjusted 360,000, the most since late March. The jump comes after applications fell to a five-year low.
The Labor Department said Thursday that the less volatile four-week average rose just 1,250 to 339,250, a level consistent with modest job gains.
Julia Coronado, an economist at BNP Paribas, said the small increase in the average “highlight(s) the need to take volatile weekly readings with a grain of salt…. The underlying story in jobless claims continues to be one of gradual improvement.”
Weekly applications are a proxy for layoffs. The big increase might mean companies are cutting more jobs, possibly because of steep government spending cuts that kicked in March 1.
Applications tend to fluctuate sharply from week to week and economists typically focus more on the four-week average. That remains 9 percent lower than it was six months ago.