Jobless claims point to weak labor market

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Jobless claims point to weak labor market

By Lucia Mutikani Lucia Mutikani – 34 mins ago
WASHINGTON (Reuters) – The number of Americans filing new claims for unemployment benefits rose last week, suggesting little improvement in the labor market this month after employment stumbled in May.

Initial claims for state unemployment benefits climbed 9,000 to a seasonally adjusted 429,000, the Labor Department said on Thursday. Economists had expected claims to come in at 415,000.

The report covers the survey period for the government's closely watched data on nonfarm payrolls for June, which will be released on July 8.

Claims increased 15,000 between the May and June survey periods, implying another soft month for jobs in June after a modest 54,000 increase in payrolls in May.

http://news.yahoo.com/s/nm/us_usa_econ


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"Soft patch" indicates no quick rise in employment!