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June 21, 2007
WASHINGTON - The number of newly laid off workers filing claims for unemployment benefits shot up unexpectedly last week, rising to the highest level in two months.
While the big increase was unexpected, analysts said it did not change their view that the labor market remains healthy despite a year-long economic slowdown caused by a steep slump in housing and troubles in the domestic auto industry.
While some economists said they still look for layoffs to rise as the year progresses, they said last week‘s upward blip is not a signal that is occurring.
The increase last week pushed claims to the highest level since they stood at 325,000 for the week ending April 21. The four-week average for claims rose to 314,500, the highest level since the first week in May. Claims have posted increases for three consecutive weeks.
The Federal Reserve meets next week to review interest rates with most analysts believing the central bank will leave rates unchanged.
A total of 37 states and territories posted increases in jobless claims for the week ending June 9 while 16 states had declines. The state data lags the national data by one week and is not adjusted for normal seasonal variations.
Michigan had the biggest drop in jobless claims, a decline of 1,093, which was attributed to fewer layoffs in the auto industry.
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