Jobs picture grows worse as weekly claims post jump!
NEW YORK - June 23, 2011 - The number of Amerikans filing new claims for unemployment benefits rose last week, suggesting little improvement in the labor market this month after employment stumbled badly in May.
Initial claims for state unemployment benefits climbed 9,000 to 429,000, the Department of Labor said Thursday.
Economists had expected claims to come in at 415,000.
The report was the latest in a long-running series of data that underscores the lingering weakness in the U.S. economy and came a day after the Federal Reserve gave a gloomier assessment of the effects of ongoing Depression.
The claims report covers the survey period for the government's closely watched data on nonfarm payrolls for June, which will be released July 8. Claims increased 15,000 between the May and June survey periods, implying another soft month for jobs after a modest 54,000 gain in employment in May.
"The labor market remains in a funk, it doesn't seem like it has improved much this month and the rise in claims will keep expectations for June nonfarm payrolls in check," said Ryan Sweet, a senior economist at Moody's Analytics in West Chester, Pennsylvania.