August 2, 2012 - 6:42 am
Initial jobless claims, an indication of layoffs, increased by 8,000 to a seasonally adjusted 365,000 in the week ended July 28, the Labor Department said Thursday. Economists surveyed by Dow Jones Newswires had forecast 370,000 new applications for jobless benefits last week.
Claims for the July 21 week were revised up to 357,000 from an initially reported 353,000.
The four-week moving average looked a little better, but they’ll probably unexpectedly revise that up too.
so I guess the strategy now is to over-estimate jobless claims, 5,000 less than expected – the economy is doing fine!
Jobless rate up? No worries: He did not build that.
– explanation was less than expected.