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Last Update: 23-Aug-12 08:55 ET
Initial Claims Edge Higher, Still Support Steady Payroll Growth
The initial claims level edged slightly higher, increasing from an upwardly revised 368,000 (from 366,000) for the week ending August 11 to 372,000 for the week ending August 18. The Briefing.com consensus expected the initial claims level to fall to 365,000. For the last four weeks, the initial claims level has averaged roughly 368,000. This level supports payroll gains in the neighborhood of 150,000 per month. While this is not enough to support a sizable drop in the unemployment rate, it does represent an improvement in conditions following the weakness seen in April, May, and June. The continuing claims level was essentially unchanged, increasing from 3.313 mln for the week ending August 4 to 3.317 million for the week ending August 11. The consensus expected continuing claims to fall to 3.298 million.
