Initial jobless claims rose again last week to the highest level since June and coming in well above most analysts’ estimates. The Labor Department said the seasonally adjusted figure of actual initial claims increased by 11,000 for the week ended Sept. 10, which included Labor Day, to 428,000 from 417,000 the previous week, which was revised upward 3,000. Analysts surveyed by Econoday expected 412,000 new jobless claims last week with a range of estimates between 405,000 and 434,000. Most economists believe weekly jobless claims lower than 400,000 indicate the economy is expanding and jobs growth is strengthening. The four-week moving average, which is considered a less volatile indicator than weekly claims, rose by 4,000 to 419,500 from the prior week’s 415,500. The seasonally adjusted insured unemployment rate for the week ended Sept. 3 stayed at 3%, according to the Labor Department. The total number of people receiving some sort of federal unemployment benefits for the week ended Aug. 27 fell to about 7.14 million from 7.17 million the prior week. Write to Jason Philyaw. Follow him on Twitter: @jrphilyaw
Jobless claims up 2.6% to 428,000
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