Jobless Claims Rise To 287,000

Unemployment lineREUTERS/Shannon StapletonA man waits in line to enter the NYCHires Job Fair in New York.

Initial jobless claims rose to 287,000.

The expectation was for 285,000.

Last week’s
claims were revised to 284,000 from 283,000. The 266,000 reading two weeks ago was the lowest since April 2000.

Ian Shepherdson, the chief economist at Pantheon Macroeconomics, wrote in a note, “…claims are already low enough, when coupled with mostly-robust indicators of the pace of hiring, to signal payroll gains of 250K-plus over the next few months. If that happens, the unemployment rate will continue to fall rapidly and its collision with the 5.5% top of the Fed’s Nairu range will come early next year, a year ahead of FOMC forecasts. No wonder they changed the labour market language yesterday; they had to.”

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