WASHINGTON - The number of Americans filing applications for unemployment benefits increased moderately last week, pointing to still strong labor market conditions despite signs that economic activity was slowing.
“This big swing in the data over the past couple of months may reflect changing attitudes on trade given that the sampling for the June reports probably occurred around the time of peak concern about trade policy between the U.S. and Mexico,” said Daniel Silver, an economist at JPMorgan in New York. Last week’s claims data covered the survey period for the nonfarm payrolls component of July’s employment report. Claims were little changed between the June and July survey periods, suggesting strong job growth this month. The economy created 224,000 jobs in June.
Solid job growth is helping to underpin the economy, which is slowing as last year’s massive stimulus from tax cuts and more government spending fades. Weak manufacturing and housing, as well as a widening trade deficit are partially offsetting strong consumer spending.
And DEMOcRATS are still saying the Obama created the jobs. Ha!
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