Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

5/16/2013 (1 year ago)

Catholic Online (www.catholic.org)

Jobless claims reappear after a brief, five-year low

For the week ending May 11, the number of American applying for unemployment benefits rose sharply, too soon after hitting a five-year low the previous week. According to the Labor Department, first-time unemployment claims jumped 32,000 to 360,000, the highest reported since March. The four-week moving average of initial claims, which smooths volatility, rose 1,250 to 339,250.

Overall, 11.7 million people remained unemployed in April, with an unemployment rate of 7.5 percent.

Overall, 11.7 million people remained unemployed in April, with an unemployment rate of 7.5 percent.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

5/16/2013 (1 year ago)

Published in Business & Economics

Keywords: Unemployment, jobless, claims, manufacturing, retail sales, economy


LOS ANGELES, CA (Catholic Online) - A forecast from economists had estimated both weekly claims and the four-week average would rise to about 330,000.

The U.S. job market had otherwise proved resilient in spite of across-the-board federal spending cuts that took effect on March 1. There was also an increase in payroll taxes for working Americans this year. Employers added an average 151,000 jobs in March and April, which was down from 332,000 in February but more than initial estimates.

In addition, U.S. factory output fell sharply last month at the same time retail sales rose unexpectedly.

Initial jobless claims jumped higher than expected last week, breaking a series of weekly declines that had brought it to multi-year lows, the U.S. Labor Department reported this week.

Since jobless claims had fallen to a five-year low last week, so the news came as a crushing disappointment.

Jefferies economist Thomas Simons said that the current report serves as a "reality check" after a series of weekly declines that seemed to be indicating that the labor market was accelerating. "We are still optimistic about the labor market recovery, but perhaps modestly less so than last week," wrote Simons in a report.

The jobless claims number represents the tally of people filing for unemployment insurance for the first time. The continuing claims number, which represents the people who continue to receive unemployment benefits, totaled 3,009,000 for the week ended May 4, which was the most recent figure available. That's a decline of 4,000 from the prior week.

Overall, 11.7 million people remained unemployed in April, with an unemployment rate of 7.5 percent.


---


Pope Francis: end world hunger through 'Prayer and Action'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for March 2015
Universal:
Scientists: That those involved in scientific research may serve the well-being of the whole human person.
Evangelization: Contribution of women: That the unique contribution of women to the life of the Church may be recognized always.



Comments


More Business & Economics

Oprah Winfrey sadly shuts down Harpo Studios forever Watch

Image of 61-year-old, Oprah Winfrey continues to play an active role in Hollywood, despite the ending of her talk show and now Harpo Studios.

By Abigail James (NEWS CONSORTIUM)

Oprah Winfrey is set to shut down production at her Chicago-based Harpo Studios by the end of 2015. After much thought, the billionaire mogul has decided production for her personal network OWN will be better done in Hollywood. LOS ANGELES, CA (Catholic Online) - The ... continue reading


SHINY, RED APPLE: Computer giant is now twice as big as world's second largest firm, ExxonMobil Watch

Image of Strong sales of the larger-screened iPhones resulted in the largest quarterly profit reported by a company, with device sales rising 29.5 percent in the final three months of 2014 to $74.6 billion,

By Catholic Online (NEWS CONSORTIUM)

How big is Apple? The creator of the iPhone and tablets is SO BIG that it is now currently twice as big as its second-closest rival, ExxonMobil. This is being reflected in the stock market, where shares in Apple jumped 2.7 percent at the start of the week to ... continue reading


WHERE IS YOUR MONEY GOING? Government collects $1 trillion from taxpayers - and there's still a deficit! Watch

Image of Where is all of our hard-earned money going?

By Catholic Online (NEWS CONSORTIUM)

Where is all of our hard-earned money going? Real federal tax revenues for the first time ever topped $1 trillion in the first four months of the fiscal year, October through January, according to data released Wednesday by the U.S. Treasury. LOS ANGELES, CA ... continue reading


80 MILLION Americans have their privacy invaded in Anthem data breach Watch

Image of An internal investigation, days later verified that the company was a victim of a cyber-attack, the company said, and federal authorities were alerted.

By Catholic Online (NEWS CONSORTIUM)

Insurance giant Anthem suffered a massive security breach when hackers broached computer safeguards and mad a wild data grab. Up to 80 million Americans have had their privacy effectively invaded, although authorities say more sensitive information was not ... continue reading


Electronic giant RadioShack files for bankruptcy - but will keep some stores open Watch

Image of The Chapter 11 filing, made in federal bankruptcy court in Delaware, surprised few. RadioShack had not turned a profit since 2011.

By Catholic Online (NEWS CONSORTIUM)

RadioShack, an iconic, 94-year-old electronics chain has filed for bankruptcy protection. The company has decided to sell up to 2,400 of its stores to the wireless service provider Sprint and a hedge fund that is its biggest shareholder. LOS ANGELES, CA ... continue reading


Is your bank account suffering? Here are 5 INCREDIBLY EASY TIPS on how to save money! Watch

Image of

By Abigail James (NEWS CONSORTIUM)

Saving money is not a simple task. It is hard to resist eating out or buying the hottest new music. How can your savings account grow when spending money is so easy in today's world? LOS ANGELES, CA (Catholic Online) - Whether you're planning on moving or looking to ... continue reading


Game over: Saudi Arabia threatens to increase oil production to dangerously drive America out of the oil market Watch

Image of America's rising oil production has threatened Opec's control of the global oil market, but Saudi Arabia may be striking back, upping its own production in order to drive costs beyond the ability of American oil corporations to compete.

By Matt Waterson (NEWS CONSORTIUM)

Despite the continuing decline of the price of oil, Saudi Arabia has actually increased its oil production in an attempt to gain a victory in the oil war against shale drillers in the United States. LOS ANGELES, CA (Catholic Online) - The Middle Eastern oil ... continue reading


Talk about a killer app! Apple posts largest profit in history of mankind Watch

Image of The iPhone 6, which has helped Apple post the record largest profit ever made by a corporation.

By Matt Waterson (NEWS CONSORTIUM)

Apple has sold 74.5 million iPhones in just the last three months, helping the tech giant's profits soar to $18 billion, up more than 37 percent. LOS ANGELES, CA (Catholic Online) - This is the largest profit ever made by a corporation, edging out the $16.2 billion ... continue reading


ECONOMIC EARTHQUAKE: IBM rumored to lay off 110,000 employees - biggest cull in business history Watch

Image of First reported on the Forbes Web site, IBM scoffed at the news. Representatives said that the reported scale of the job cuts

By Catholic Online (NEWS CONSORTIUM)

There are alarming indications that the largest corporate layoff in history may be near. There are rumors afoot that computer IBM plans to lay off 110,000 employees shortly. As their entire worldwide workforce is estimated at 430,000, this represents a quarter ... continue reading


Living on less than $2 dollars a day: Only 5 percent of global wealth belongs to the poorest 80 percent of the world Watch

Image of Millions of people around the world are living off of less than two dollars a day.

By Abigail James (NEWS CONSORTIUM)

The staggering increasing inequality among the wealthy and poor around the world continues to be a pressing issue. Eighty rich billionaires have as much money as 3.5 billion of the poorest people. LOS ANGELES, CA (Catholic Online) - The wealthy are occuring their ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Jeremiah 17:5-10
5 Yahweh says this, 'Accursed be anyone who trusts in ... Read More

Psalm, Psalms 1:1-2, 3, 4, 6
1 How blessed is anyone who rejects the advice of the ... Read More

Gospel, Luke 16:19-31
19 'There was a rich man who used to dress in purple ... Read More

Saint of the Day

Saint of the Day for March 5th, 2015 Image

St. John Joseph of the Cross
March 5: St. John Joseph of the Cross was born about the middle of the ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter