Posted by Dana Fink, Director of Staffing at Glenmont Group
A fishing sign in at one of the dry pools at the Quivira National Wildlife Refuge in Hudson, Kansas
There is a drought across 55% of the US and we have certainly been feeling the heat here in New Jersey. Brown grass and packed town pools are a common sight. While the heat wave has hit most of the US, there were some silver linings in the dark clouds of employment news. We have recently seen an uptick in activity here at Glenmont Group in what is usually a dry summer season. Maybe it has something to do with the employment news that has hit most recently
WASHINGTON | Thu Aug 9, 2012 10:40am EDT
WASHINGTON (Reuters) – The number of Americans filing new claims for jobless benefits fell last week while the trade deficit in June was the smallest in 1-1/2 years, hopeful signs for the struggling economy.
Initial claims for state unemployment benefits slipped 6,000 to a seasonally adjusted 361,000, the Labor Department said on Thursday, suggesting a modest improvement in the jobs market.
Economists polled by Reuters had forecast claims rising to 370,000 last week. The four-week moving average of new claims, a better measure of labor market trends, rose 2,250 to 368,250.
A second report from the Commerce Department showed the shortfall on the trade balance narrowed 10.7 percent to $42.9 billion, the smallest since December 2010, as low oil prices curbed imports.
That was way below economists’ expectations for a $47.5 billion deficit. The petroleum import bill fell as the average price per barrel of crude oil dropped by the most since January 2009.
Paul Dales, senior economist at Capital Economics in Toronto, said the jobless claims data suggested labor market conditions were “fairly stable.”
“The pick-up in jobs growth in July may therefore be sustained in August,” he said.
Nonfarm payrolls increased 163,000 in July, the most in five months, after three months of gains below 100,000. But the unemployment rate rose by a tenth of a percentage point to 8.3 percent.
Last week’s report was the first in several weeks not affected by auto plant shutdowns, which caused wide swings in claims in July, making it difficult to get a clean read of the jobs market.