America

First-Time Unemployment Claims Up Last Week, Defying Analysts' Expectations

People attend a job fair April 22 in Davie, Fla. i i

People attend a job fair on April 22, in Davie, Florida. Short-term unemployment numbers were up last week. Joe Raedle/Getty Images hide caption

itoggle caption Joe Raedle/Getty Images
People attend a job fair April 22 in Davie, Fla.

People attend a job fair on April 22, in Davie, Florida. Short-term unemployment numbers were up last week.

Joe Raedle/Getty Images

This morning, the U.S. Department of Labor released its unemployment insurance weekly claims report, detailing how many Americans applied for unemployment last week:

In the week ending July 31, the advance figure for seasonally adjusted initial claims was 479,000, an increase of 19,000 from the previous week's revised figure of 460,000.

NPR's Jim Zarroli says economists had predicted that unemployment claims would fall slightly.

They were wrong.

According to Bloomberg, "a cooling economy means employers will resist taking on more staff in coming months, raising the risk consumer spending will weaken further."

Puerto Rico, Pennsylvania, Oregon, Massachusetts, New Jersey, California, Connecticut, Nevada, Alaska, Rhode Island, and Wisconsin reported the highest unemployment rates in the week ending July 17.

Because of the numbers, stock futures fell.

"Ahead of the opening bell, Dow Jones industrial average futures fell 32, or 0.3 percent, to 10,603," The Associated Press reports. "Standard & Poor's 500 index futures fell 4.60, or 0.4 percent, to 1,120.00, while Nasdaq 100 index futures fell 3.25, or 0.2 percent, to 1,902.00."

Tomorrow, the Labor Department will release a report on monthly employment.

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