By Rom Badilla
The Department of Labor released data suggesting that people filing for first time unemployment benefits spiked, providing further evidence that the economy is stalling due to anemic job growth. Initial Jobless Claims increased to 484k people for the week ending August 7. In addition, Initial Jobless Claims for the prior week was revised slightly upward by three thousand to 482k. This week’s jump disappointed the market since it came in four percent above forecasts as economists expected a claims number of 465k. This drives the four-week moving average, which is universally used to “smooth out” the weekly volatility and to provide a discernable trend, to a higher level of 473.5k.
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