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US Jobless Claims Jump, Durable Orders Fall
New claims for jobless benefits in the U.S. rose more than expected in the week ending Jan. 15 as harsh winter weather created a backlog of claims, according to Reuters.
New claims for jobless benefits in the U.S. rose more than expected in the week ending Jan. 15 as harsh winter weather created a backlog of claims, according to Reuters. On Thursday, the Labor Departmentreported that initial claims for unemployment benefits jumped 51,000 in the latest week, which is the largest increase in over five years and brought claims to a three-month high, seasonally adjusted level of 454,000. The gain surprised economists who had been expecting a only a minute increase to 405,000.
Separately, the Commerce Department reported a 2.5% drop in durable goods orders in December, although with volatile transportation orders stripped out, orders rose 0.5% during the last month of 2010. According to Bloomberg, the National Association of Realtors found a 2% gain in its index of pending home sales, which doubled economists forecast for a 1% gain. The mixed economic data comes after the Federal Reserve voted to maintain its planned $600 billion in asset purchases this year to stimulate the economy as the recovery continues to remain somewhat subdued.
Click here to read the story on jobless claims from Reuters.
Click here for coverage of additional economic data from Bloomberg.