World Bulletin / News Desk
The number of Americans filing new claims for jobless benefits roseless than expected last week, but the data continues to be influenced by distortions from seasonal auto shutdowns.
Initial claims for state unemployment benefits rose 8,000 to a seasonally adjusted 365,000, the Labor Department said on Thursday. The prior week's figure was revised up to 357,000 from the previously reported 353,000.
"The claims number is not that bad. There does seem to be some difficulty dealing with the seasonals this time of year whether it's auto plant closures or lack thereof," said Cary Leahey, a senior economist at Decision Economics in New York.
Economists polled by Reuters had forecast claims rising to 370,000 last week. The four-week moving average for new claims, a better measure of labor market trends, fell 2,750 to 365,500, the lowest in four months.
Temporary plant shutdowns by automakers for annual retooling cause wide swings in claims data in July, which makes it difficult to get a clear picture of the labor market's health.
The model used by the government to smooth the numbers for typical seasonal patterns has trouble anticipating the timing of the temporary closures and in addition, some automakers kept production lines running in July.
A Labor Department official said last week was the last where the seasonal expectation was shaped by seasonal layoffs in the auto manufacturing sector.
U.S. financial markets were little moved by the data, with traders focusing attention on a press conference by European Central Bank President Mario Draghi.
The claims data has no bearing on the July employment report as it falls outside the survey period.
The government is expected to report on Friday that employers added 100,000 new workers to their payrolls last month, according to a Reuters survey, up from 80,000 in June.
Job growth averaged 75,000 per month in the second quarter, a sharp deceleration from the average monthly increase of 226,000 in the first three months of the year.
An uncertain fiscal policy path and ongoing debt problems in Europe have hurt demand and left businesses cautious about hiring new workers.
On Wednesday, the Federal Reserve signaled it was willing to ease monetary policy further, noting that economic activity had slowed in the first half of the year. Many economists expect the U.S. central bank to launch a third round of bond buying, also known as quantitative easing, in September.
The number of people still receiving benefits under regular state programs after an initial week of aid fell 19,000 to 3.3 million in the week ended July 21.
A second report showed planned layoffs at U.S. companies dropped for a second straight month in July, even as job cuts in the financial sector persisted.
Employers announced 36,855 planned job cuts last month, down 1.9 percent from June, consultants Challenger, Gray & Christmas said. So far this year, announced layoffs are up 2.5 percent from the same period in 2011.
The financial sector cut 6,156 jobs in July, the largest number since January.
"The situation in Europe is far from being resolved and ongoing weakness here could continue to take a toll on the financial sector," John Challenger, chief executive of the company, said in a statement.
Challenger also cautioned that layoffs typically slow during the summer months, while the heaviest job cuts historically happen in the fourth quarter.
"This may simply be the lull before the storm," he said.
Dragomir Stoynev accused fellow European Union members of a politically-motivated attempt to scupper the project, and urged the bloc to understand the effect that doing so would have on its members.
The drops have come mainly because Japan did not take any cargoes in March and South Korea is not scheduled to take any shipments in April, according to the tanker data.
Japan's finance ministry and central bank have declined to comment on the payments.
But a survey shows that most people believe inflation is speeding up and could surpass 37 percent this year.
A fifth payment of $450 million was due on April 15, contingent on Iran having diluted half of its most sensitive stockpile of nuclear materials
The year-on-year inflation rate in the 18 countries sharing the euro was 0.5 percent in March against 0.7 percent in February, the European Union's statistics office Eurostat said.
Pushed by higher food and shelter costs, the consumer price index rose in March.
Country of origin labels are currently voluntary in the European Union and many of the bloc's governments want to keep it that way
While reverse flows would help cushion the effects of a Russian export cut during mild-demand summer months, analysts say they would not be sufficient in winter.
The tanker, Aegean Dignity, is due to take its load to Italy, the NOC quoted an oil official as saying in a statement on its website
TAP aims at enhancing the security of natural gas supply as well as diversification of gas supplies for the European markets.
Charlie Shrem, 24, was arrested in January and stepped down as vice president of the Bitcoin Foundation, a well-known trade group, soon after.
The religious endowments minister has ordered mosques not to run air conditioners before May 15 and after that date to use air conditioning only during prayer time
Most foreign workers in the construction and oil industries come from India, Bangladesh and Pakistan, while many domestic workers are from Indonesia and the Philippines
Lukoil has been decreasing its stake in Caspian Investment Resources Ltd, to share the costs at the projects, which require extensive financing.