US jobless claims lift to 311,000

By Dow Jones newswires

Initial claims for unemployment benefits increased by 21,000 to a seasonally adjusted 311,000 in the week ended August 9, the Labor Department said on Thursday.

Thursday's report showed that the number of people continuing to draw unemployment benefits rose by 25,000 to a seasonally adjusted 2,544,000 for the week ended August 2.

More people working and earning more money could provide a boost to consumer spending, which accounts for over two thirds of US economic output. "My own expectation is that as the labor market begins to tighten, we will see wage growth pick up," Federal Reserve Chairwoman Janet Yellen said in June.

New applications for unemployment benefits rose last week but remained near eight-year lows.

The four-week moving average of claims, which smooths out weekly volatility, increased by 2,000 to 295,750, but that was still well below the average level of claims last year.

Alan has been a trusted source of investment advice to Australians for many years, and in 2005 he founded Eureka Report - Australia’s #1 online investment report.

Read more here: Business Spectator


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