New U.S. jobless claims rise unexpectedly to 558K

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By THE ASSOCIATED PRESS

WASHINGTON — The number of newly laid-off workers filing claims for unemployment benefits rose unexpectedly last week, while continuing claims fell sharply.

The Labor Department says new claims increased to a seasonally adjusted 558,000, from 554,000 the previous week. Analysts expected new claims to drop to 545,000, according to Thomson Reuters.
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The number of people remaining on the benefit rolls fell to 6.2 million from 6.34 million the previous week. Analysts had expected a slight decline.

The four-week average of initial claims, which smooths out fluctuations, rose by 8,500 to 565,000, after falling for six straight weeks.

U.S. jobless rolls drop sharply to nearly 6.7M

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By CHRISTOPHER S. RUGABER, THE ASSOCIATED PRESS

WASHINGTON — The total number of people on the unemployment insurance rolls dropped for the first time since early January, the government said Thursday, while new claims for benefits rose slightly.

The Labor Department said the total unemployment insurance rolls fell by 148,000 to 6.69 million in the week ending June 6, the largest drop in more than seven years. The decline is a sign that layoffs are easing.

The drop also breaks a string of 21 straight increases in continuing claims, the last 19 of which were records. A dip in continuing claims several weeks ago was later revised higher.

The department also said initial claims rose 3,000 to a seasonally adjusted 608,000 last week, above analysts’ expectations. The four-week average, which smooths fluctuations, fell by 7,000 to 615,750. Continuing claims data lags initial claims by one week.

The drop in continuing claims could signal a slowing in the rise of the unemployment rate, which reached a 25-year high of 9.4% in May. Many economists forecast the rate could reach 10% by the end of the year. Continue reading.