Portfolio

US jobless claims paint a mixed picture

By Francisco Miñana

Date: Thursday 14 Jun 2012

US jobless claims paint a mixed picture

US initial jobless claims roe by 6,000 to 386,000 last week, topping the 375,000 expected by the consensus of analysts.

The previous week's reading was revised higher to 380,000 from 377,000, while the four-week moving average rose by 3,500 to 382,000 from the previous week's revised reading of 378,500. The insured unemployment rate remained steady at 2.6%.

Continuous unemployment claims, which include those claims not filed for the first time, fell by 33,000 to 3,278,000. The market was expecting a reading of 3,269,000. The previous week's reading was revised higher to 3,311,000 from 3,293,000.

The four-week moving average fell by 2,500 to 3,281,500 from the previous week's revised reading of 3,284,000.

Opinion

Overall, the latest jobless claims data paint a mixed picture. Initial claims were above estimates and the previous week's reading was also revised higher. Continuous claims were also worse than expected although they fell on a weekly basis and on a moving average.

The data is mixed but may have a slightly negative impact on the dollar and stocks while positive for bonds.

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