US jobless claims rise

US jobless claims rise


Initial claims for state unemployment insurance benefits rose 15,000 to a seasonally adjusted 576,000 in the week ended August 15 from 561,000 the prior week, the Labour Department said.

While economic data continue to point to a pending upturn from the recession that started in December 2007, doubts over the sustainability of the recovery are causing companies to be cautious. The number of people collecting long-term unemployment benefits edged up 2,000 to 6.24 million in the week ended August 8, the latest week for which the data is available. However, the four-week moving average declined 2,500 to 6.27 million.

The insured unemployment rate, which measures the percentage of the insured labor force who are jobless, was unchanged at 4.7 per cent.