Unemployment data offer hints of next job report

Posted by Dave Dorman

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August 24, 2012 @ 11:39 AM

Recruiter, UnemploymentFor the past few months the U.S. had seen a steady string of modestly supportive economic reports. But Bloomberg reports that, for the past two weeks now, the country has seen a rise in the number of applications for unemployment benefits.

Last week, the U.S. Department of Labor estimates that around 372,000 people filed for unemployment, up by 4,000 people from the week before, which itself was revised upward to 368,000 people.

The figure marks a major rise over projections, with a Bloomberg poll of 41 economists predicting a median decline to 365,000 applications.

The Wall Street Journal reports that the latest numbers suggest that the U.S. could be in store for another disappointing jobs report come the start of next month.

These estimates are still a good bit better than the unemployment numbers in July, when the country is estimated to have added a surprising 163,000 jobs, but even that number is fairly underwhelming when compared with the first few months in the year.

Analysts expect to see more than 100,000 jobs added in the month, though the ultimate number could actually be lower than last month.