First-time jobless claims expected to rise
The number of newly laid-off workers seeking unemployment benefits likely rose last week, evidence that jobs remain scarce.
Wall Street economists forecast that first-time claims for unemployment insurance rose to a seasonally-adjusted 555,000 last week from 550,000 the previous week, according to a survey by Thomson Reuters. The number of people remaining on the jobless benefit rolls also is expected to increase slightly, to 6.1 million from 6.09 million.
The Labor Department report scheduled for Thursday comes even as the Federal Reserve said Wednesday that production by the nation’s factories, mines and utilities increased for the second straight month in August, the latest sign the economy is recovering. Inflation, meanwhile, remains essentially nonexistent, as prices rose only modestly last month.
Still, the economy isn’t improving fast enough to spur greater hiring. Jobless benefit claims have trended down since topping 670,000 in early April, but remain far above the 325,000 per week associated with a healthy economy.
Fed Chairman Ben Bernanke on Tuesday said the recession is likely over, though he noted that the economy
A separate report Thursday is expected to show that new home construction rose in August after dipping a month earlier, as builders regroup from the worst downturn in decades.
Analysts expect construction of new homes and apartments to grow 3.3 percent to a seasonally adjusted annual rate of 600,000. Building permits, seen as a good indicator of future activity, are expected to rise 3.6 percent to an annual rate of 580,000 units.
New home construction rose to the highest level in seven months in June before slipping a bit in July, led by a 13 percent drop in apartment building. Construction of single-family homes, meanwhile, has risen for five straight months and in July reached the highest level since October 2008.
source: yahoo
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