New claims for jobless aid rise; U.S. job rate report is due today
Initial claims for unemployment benefits rose last week for the second time in three weeks. New claims for benefits jumped by 13,000 to a seasonally adjusted 472,000, the Labor Department reported. The four-week average, which smooths fluctuations, rose to 466,500, its highest level since March.
The government’s June jobs report today is expected to show a modest rebound in private hiring: 112,000 jobs, according to a survey of economists by Thomson Reuters, with the unemployment rate expected to edge up from 9.7 percent to 9.8 percent. Adding 112,000 jobs would be an improvement from May, when businesses added only 41,000. But the economy needs to generate at least 100,000 new jobs a month just to keep up with population growth, and probably twice that number to bring down the jobless rate.