🤑 It doesn’t get more affordable. Grab this 60% OFF Black Friday offer before it disappears…CLAIM SALE

WRAPUP 1-Snow boosts US jobless claims, durable orders mixed

Published 01/27/2011, 09:01 AM
Updated 01/27/2011, 09:04 AM

* Weekly jobless benefit claims jump 51,000

* Weather, seasonal volatility blamed for spike in claims

* Durable goods orders drop 2.5 pct in December

* Orders ex-transportation rise 0.5 pct

WASHINGTON, Jan 27 (Reuters) - New U.S. claims for jobless benefits surged last week as snowstorms in some parts of the country kept workers at home, but the underlying trend pointed to an only gradual labor market improvement.

Initial claims for state unemployment benefits jumped 51,000 to a seasonally adjusted 454,000, the highest since late October, the Labor Department said on Thursday. That was the largest weekly increase since September 2005. The rise exceeded economists' expectations for a slight gain to 405,000.

A Labor Department official said four states had reported an increase in claims that was due to snow. In addition, he said, seasonal volatility also affected the data.

Still, the four-week moving average of unemployment claims -- a better measure of underlying trends, rose 15,750 to 428,750 last week, implying a gradual labor market recovery that could compel the Federal Reserve to complete its $600 billion bond buying program aimed at bolstering the economy.

"I'll buy that it can be blamed on the weather. But it does show that the recovery is growing in fits and starts," said Peter Tuz, president at Chase Investment Counsel in Charlottesville, Virginia.

A separate report from the Commerce Department showed a nearly 100 percent drop in civilian aircraft orders led to orders for long-lasting manufactured goods dropping 2.5 percent in December.

Economists had expected orders to rise 1.5 percent.

However, orders excluding transportation rose 0.5 percent and a proxy for business spending increased 1.4 percent, indicating the economic recovery was still gaining some momentum, though not sufficient to help the labor market.

U.S. stock index futures turned negative after the data, while Treasury bond prices trimmed losses. Dollar pared gains versus the yen.

Labor market recovery remains painfully slow, despite signs elsewhere of a pick-up in economic activity, keeping the unemployment rate at an elevated 9.4 percent.

Federal Reserve officials on Wednesday acknowledged the improvement in the economic picture, but said the pace of the recovery remained "insufficient to bring about a significant improvement in labor market conditions."

The number of people still receiving benefits under regular state programs after an initial week of aid increased 94,000 to 3.99 million in the week ended Jan 15. The numbers were above market expectations for a dip to 3.85 million and included the week for the household survey from which the unemployment rate is derived.

The prior week's number for the so-called continuing claims was revised up to 3.90 million from 3.86 million.

The number of people on emergency unemployment benefits rose 63,886 to 3.78 million in the week ended Jan. 8, the latest week for which data is available.

A total of 9.4 million people were claiming unemployment benefits during that period under all programs. (Reporting by Lucia Mutikani, Additional reporting by Mark Felsenthal in Washington and Ryan Vlastelica in New York; Editing by Andrea Ricci)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.