Monday, August 27

Unemployed seek help more Americans

Unemployed seek help more Americans

Robert Galbraith / REUTERS

Job seekers wait in line to apply for 300 available positions in the new target stores in San Francisco, California.

The number of Americans filing new claims for jobless benefits edges higher last week, although a trend reading close to a four year low, fell to healing in the labour market is still struggling.

Other data on Thursday showed groundbreaking on new homes fell in July to commemorate the housing market weakness despite some current signs of recovery.

First claims for State unemployment benefits 2,000 to a seasonally adjusted 366,000 increased, the Labor Department said. That was in line with the forecasts of economists in a Reuters survey.

Claims data that swung the game in July as a result of changes in the seasonal auto plant shutdowns, give a clearer picture of modest improvement in the labour market.

The data reinforced the view that economic growth in the second half of the year could bring. But even then, the recovery is dull, and may need more support from the Federal Reserve to be seen.

"Overall they (the data) are with our Outlook, that growth in the United States will be a little bit better, but not as optimistic as some people think," said Brian Kim, a currency strategist at RBS securities in Stamford, Connecticut.

"We are looking for nor on possible Fed action in September and these numbers don't really change this view."

The four week moving average for new claims, a better gauge of job market trends, fell 5,500 to 363.750. That was the lowest since March and the second lowest since April 2008.

U.S. non-agricultural payrolls increased by 163,000 in July after three months profits under 100,000, although the unemployment rate 8.3 percent higher ticked.

The pickup in hiring last month along with increase of retail sales and industrial production, has expectations that the Fed could announce, at its next meeting a plan to stimulate the economy with a third round of bond purchases steamed. Officials at the Fed read more politics on September 12-13.

Government radical solution: seizure underwater mortgages

US equity index futures, rather than on earlier gains after the data.

The economy still faces a number of threats, including the taxes looming possibility of the Government will increase and reduction of public expenditure of next year. That is already hurting sentiment indicators.

Europe's simmering debt crisis also threatened and weighing on the world economy. China's Trade Ministry said on Thursday the prospects for its exports has darkened.

Wal-Mart Stores Inc forecast full-year results that could fall short of Wall Street expectations slowed growth in international markets, have seen improved sales in a tepid US economy even as its U.S. discount stores. In another somewhat disappointed signs the U.S. Department of Commerce, said on that housing starts fell last month by 1.1% a seasonally-adjusted annual rate of 746,000 units.

The reading was below the median forecast in a Reuters poll of a 757.000 unit.

The Government revised its estimates for take-offs also lower in recent months. But economists who are readings, which was prone to significant revisions to healing in the housing market.

"This is nothing more than normal statistical noise," said Stephen Stanley, an economist of Pierpont securities in Stamford, Connecticut.

The housing market fell into a deep groove six years ago, has been a relatively bright spot in the economy this year.

Home prices showed signs of stabilising and many economists believe that housing construction will give a small boost for the economy this year.

There was also some positive signals in Saturday's report. New permits for the construction of houses grew by 6.8 per cent in July pace, the highest rate since August 2008 to a 812.000 unit.

But outside of the apartment, the wider economy saw still shaky could preclude the gains in housing this year.

CNBC Rick Santelli breaks the latest data on jobs and housing, under the direction of Jim Iuorio TJM institutional services.

Copyright 2011 Thomson Reuters.

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