St Louis Mortgage and Real Estate News –
St Louis Finance News: National Jobless Claims Are On The Rise
News Hot Line: 314-334-0210 | Floyd Tapia
The month ending July 31st saw a huge increase in jobless claims. The Labor Department says there were 479,000 initial jobless claims filed which is up from 19,000 from a revised 460,000 from the third week of July.
That weekly figure was the highest since April 10th, when the soaring number was 480,000 claims that were filed. The number of claims was higher than the 455,000 claims originally predicted in an estimate of economists surveyed by Briefing.com.
In order to smooth out the volatility of these numbers, economists use a 4-week moving average of these initial job claims. The number started at 458,500, which again was up 5,250 from the previous week’s upwardly revised average of 453,250.
The federal government said approximately 4,537,000 people filed continuing claims in the week ended July 24, 2010 which was the most recent data available. That number is down 34,000 from the preceding week’s upwardly revised claims of 4,571,000.
Economists who were surveyed by Briefing.com were actually looking for 4,530,000 ongoing claims. The 4-week moving average for ongoing claims climbed by 25,750 to 4,575,500 from the preceding week’s upwardly revised 4,549,750.
However, these latest claims and the data given has had very little bearing on the government’s closely watched employment report for July since it falls outside the survey period.
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