Jobless claims rise to 2-month high; stock futures retain gains

Jobless claims rise to 2-month high; stock futures retain gains 


WASHINGTON (MarketWatch) - The number of people who applied for unemployment benefits in the first week of July jumped by 16,000 to a seasonally adjusted 360,000, marking the highest level in two months, the Labor Department said Thursday. Economists polled by MarketWatch had expected claims - a proxy for layoffs - to rise to 349,000 in the week ended July 6 from a slightly revised 344,000 in the prior week. The claims report often seesaws in July because of shutdowns at auto plants for retooling and temporary layoffs related to the end of the regular school year. The July 4 holiday can also skew the data. The less volatile four-week average of claims rose a smaller 6,000 to 351,750 and reflected little change in the U.S. labor market. Layoffs have slowed to a post-recession low and the nation has added an average of about 200,000 jobs a month through the first six months of 2013. Also, the government said continuing claims rose by 24,000 to a seasonally adjusted 2.98 million in the week ended June 29. Continuing claims are reported with a one-week lag and reflect the number of people already receiving benefits. Initial claims from two weeks ago, meanwhile, were revised up to 334,000 from an original reading of 343,000, based on more complete data collected at the state level.