Jobless Claims Rise by 4,000
By JEANNINE AVERSA Associated Press Writer
WASHINGTON (AP) -- The number of Americans filing new claims for unemployment benefits inched up last week.
The Labor Department reported today that 289,000 Americans filed new claims for jobless benefits for the week ending Aug. 28, up by 4,000 from the previous week. That was the highest since Aug. 14, when claims matched last week's level.
The four-week moving average for claims, which smooths out week-to-week volatility, was up to 286,500 last week. That was the highest level since Aug. 7, when claims were at 288,250.
Last week's increase in new claims was in line with many economists' expectations. Economists consider jobless claims levels below 300,000 an indication of an extremely tight labor market.
Many economists expect the nation's unemployment rate -- now at 4.3 percent -- will return to a 29-year low of 4.2 percent when the government releases its August unemployment report Friday.
The results are expected to offer an important clue as to whether the Federal Reserve might raise interest rates again when it meets in October.
Last week, the Fed bumped up interest rates for the second time this year but signaled that no additional increases may be necessary unless the economy shows signs of overheating or if inflation flares. |
