Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (11296)	9/2/2004 10:21:41 AM
From: mishedlo	Read Replies (1) \| Respond to of 116555

Jobless claims rise on hurricane impact Thursday, September 2, 2004 12:47:54 PM WASHINGTON (AFX) - First-time claims for state unemployment benefits rose sharply in the latest week, in part due to the continued impact of Hurricane Charlie, the Labor Department reported Thursday. The number of initial claims in the week ending August 28 rose 19,000 to 362,000 It's the highest level since the week ended April 10 The consensus forecast of Wall Street economists was for claims to fall to 340,000. A Labor Department spokesman said a portion of the increase in claims was a result of Hurricane Charlie. The spokesman said the hurricane accounted for a "little less than half" the increase in the latest week Over the past two weeks, claims have spiked up by 29,000 - with about half the increase attributed to the impact of the hurricane, which battered Florida and the Southeast on Aug. 13 and 14 The more reliable four-week average of initial claims rose 6,250 to 343,000. This is the highest level since the week ended July 31 Economists put more weight on the four-week average as a guide to the strength of the labor market because it smoothes out one-time distortions, such as weather events Meanwhile, the number of Americans receiving state jobless benefits fell 5,000 to 2.882 million in the week ending August 21. This is the lowest level since the week ended July 10. The four-week moving average of continuing claims fell 4,750 to 2.89 million The insured unemployment rate remained at 2.3 percent The figures come a day before the Labor Department issues its monthly employment report for August. Economists are expected a report that is neither very strong nor very weak. They are forecasting a modest 158,000 increase in nonfarm payrolls after disappointing gains in June and July In a separate report, the Labor Department revised Q2 nonfarm labor productivity lower to an increase of 2.5 percent fxstreet.com