“It’s about the economy, Stupid” – Jobless Claims Climb for Second Week


Originally posted on The Busy Post:

Sam Hodgson/Bloomberg
Job seekers are reflected in a mirror on the ceiling as they line up to register for an employment fair sponsored by National Career Fairs in San Diego, on Aug. 20, 2012.

The number of Americans filing applications for unemployment benefits climbed last week to a one-month high, showing little progress in the labor market.

Jobless claims rose by 4,000 for a second week to reach 372,000 in the period ended Aug. 18, Labor Department figures showed today in Washington. The median forecast of 41 economists surveyed by Bloomberg called for 365,000. The four-week moving average, a less volatile measure, increased to 368,000.

Companies may be keeping payrolls lean after slashing headcounts during the recession while waiting for further assurances that economic growth will pick up. The European debt crisis and slowdown in Asia remain headwinds to investor and business confidence.

“It’s still very sluggish, and growth…

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