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Jobless claims rise to 386000 amid seasonal distortions
U S claims for unemployment benefits rose by 34000 to 386000 the largest weekly jump since April 2011 as seasonal auto factory layoffs distorted the data. Analysts warn the figures reflect noise and stress the four week average at 375500 as a better gauge of hiring trends. The payroll picture remains weak with 8.2 percent unemployment and tepid June hiring across districts.
MENTIONED IN THIS ARTICLE
Washington, D.C
Labor Department
Joshua Shapiro
MFR Inc
Steven Wood
Insight Economics
Fed