U.S. Initial Jobless Claims Rose Last Week

Wednesday, 23 November 2011 04:02

More Americans than forecast filed for unemployment benefits last week, a sign that the labor market is taking time to gain traction.

Applications for jobless insurance increased 2,000 in the week ended November 19th to 393,000.
Economists forecast 390,000 claims.

An unemployment rate stuck near or above 9 percent for more than two years puts pressure on President Barack Obama, lawmakers and the Federal Reserve to foster job gains.

The report was released a day earlier than usual due to the Thanksgiving Day holiday Thursday.

Following the release of the data, the U.S. dollar remained higher against the euro, with EUR/USD dropping 0.77% to trade at 1.3400.