Jobless claims higher than expected
Initial claims for unemployment insurance climbed last week, the government reported on Thursday.
The Labor Department’s report showed that jobless claims jumped 12,000 in the week ended June 12, compared to the prior week’s revised total of 460,000 claims.
Economists were expected initial jobless claims of 450,000 for the week ended June 12, according to Briefing.com consensus.
The report took the wind out of gains in the U.S. futures market.
The report was released one day after Senate Democrats revised a jobs bill, scaling back unemployment benefits and Medicare physician reimbursement measures. This revision would eliminate a $25 weekly supplement for the jobless that had been part of last year’s stimulus act.
The cut will reduce the bill’s cost by $5.8 billion over the next decade.