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October 11, 2007
Government data due out Thursday is expected to show initial claims for unemployment benefits dipped slightly last week.
Two weeks ago jobless claims surged to the highest level since early May, raising concerns that the labor market may be hampered further by the ongoing housing slump.
Wall Street economists surveyed by Thomson/IFR expect claims fell by 2,000 to 315,000 for the week ending Oct. 6. The Department of Labor is scheduled to release the data at 8:30 a.m. EDT.
Applications for jobless benefits jumped by 16,000 to 317,000 for the week ended Sept. 29, the biggest increase since early May. The government's four-week moving average of new claims, which smooths out week-to-week fluctuations, rose by 500 to 312,250.
Trucking company Ryder System Inc. earlier this week lowered its earnings forecast and said it was cutting 300 jobs due to softness in the housing, construction and auto industries.
Elsewhere, computer maker Dell Inc. said it was cutting 250 tech support jobs in Tennessee as part of a broad plan to trim costs and become more competitive.
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