Initial Jobless Claims More Than Expected for Fifth Straight

Financial News Network
September 23, 2011 AT 9:40 AM
The Labor Department reported today applications for jobless benefits decreased 9,000 in the week ended September 17 to 423,000. Economists had forecast 420,000 claims, an expected steeper drop of 12,000 from the previous weeks revised figure of 432,000. This has been the fifth straight week more claims have been filed than expected. The insured unemployed, those receiving state unemployment checks, fell 28,000 to a seasonally adjusted 3.72 million for the week ended September 10th. This data shows that U.S. companies may put off plans to increase employment, making it extremely difficult for unemployment to fall below the 9 percent mark.