Thursday, August 30, 2012

Unemployment Applications Hold Steady

Posted By on Thu, Aug 30, 2012 at 8:36 AM

The U.S. Department of Labor reported this morning that 374,000 Americans applied for unemployment benefits last week.

The Associated Press wrote the number suggests "slow improvement in the job market," but Reuters said the same statistic points to "a labor market that was treading water."

Jennifer Lee, an economist at BMO Capital Markets, told the Associated Press that "job growth continued in August, but at a slower rate than July’s pop. So job growth there shall be, but not strong enough."

Job growth has been sluggish through much of the summer—the U.S. added 163,000 jobs in July. The unemployment rate ticked up from 8.2 to 8.3 percent.

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