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Last Update: 28-Jun-12 08:55 ET
Initial Claims Level Declines, but Remains Above 380,000
The initial claims level declined from an upwardly revised 392,000 for the week ending June 16 to 386,000 for the week ending June 23. The Briefing.com consensus expected the initial claims level to fall to 385,000. For the past several weeks, initial claims have stubbornly remained above 380,000. The labor market is suffering through a soft period that suggests businesses are unsure about the state of the economic recovery.
Still, at these levels, we suspect that payroll growth will exceed 100,000 for June. The continuing claims level declined from an upwardly revised 3.311 mln for the week ending June 9 to 3.296 mln for the week ending June 16. The consensus expected the continuing claims level to drop to 3.283 mln.
