Although jobless claims fell the week of August 29th, more Americans than acticiapted filed jobless claims last week.
From Bob Willis, Bloomberg:
Sept. 3 (Bloomberg) -- More Americans than anticipated filed jobless-benefit claims last week, indicating companies remain focused on cutting expenses as the economy emerges from its worst recession since the 1930s.
Applications fell by 4,000 to 570,000 in the week ended Aug. 29, exceeding the 564,000 median forecast of economists surveyed by Bloomberg News, figures from the Labor Department showed today in Washington. The total number of people collecting unemployment insurance climbed.
The firings are one reason economists project consumer spending, which accounts for 70 percent of the economy, will be slow to strengthen. Analysts surveyed by Bloomberg forecast a Labor Department report tomorrow will show August payrolls fell by 230,000, the smallest decrease in a year.
