US jobless figures set to raise fears of double dip
Friday 03 September 2010
Investors are bracing themselves for another grim snapshot of the US labour market today, when the government is expected to confirm that unemployment is again on the rise.
The release of monthly US employment data has become a touchstone for global financial markets, which are looking for clues as to whether the world's largest economy might slide into a double-dip recession.
The consensus of economists' forecasts is that the US shed 80,000 jobs in August, with public-sector employment being particularly hard hit because of budget problems for many of the 50 states.
And the overall unemployment rate is forecast to rise from 9.5 per cent in July to 9.6 per cent – potentially dealing a psychological blow to consumer confidence.
Yesterday, the US labour department said there were 472,000 new claimants for jobless benefits last week, 6,000 fewer than the previous week but still higher than the average for the year to date.
Economists have been downgrading their forecasts for US GDP growth for the rest of the year and into 2011, although most believe the economy will avoid a serious second dip.
Other data out yesterday were mixed. Factory orders rose in July by 0.1 per cent, having fallen in June, but the recovery was weaker than expected. Pending home sales, though, came in better than forecast, rebounding 5.2 per cent in July, according to the National Association of Realtors, suggesting some stabilisation in the housing market.
- 1 PlayStation and Xbox hacked by Lizard Squad
- 3 The Grace Dent Christmas Questionnaire
- 4 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 5 Vagina canoe artist defends herself over ‘obscenity’ charges
PlayStation and Xbox hacked by Lizard Squad
Antonio Martin shooting: Black teenager may have tried to ambush patrolman, says police officer's lawyer
Boxing Day snowfall set to push even more bargain-hunters online for sales
Katie Hopkins speaks out on childhood obesity: 'Parents of fat children should be prosecuted for child cruelty'
The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Rozanne Duncan: Ukip expels councillor for 'jaw-dropping' comments made in BBC TV interview
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
Alex Salmond has 'broken his word to the Scottish people' says Scottish Lib Dem leader
iJobs Money & Business
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...
£43500 per annum + pension + holidays: The Jenrick Group: Night Shift Operatio...
£20000 - £25000 per annum + OTE £40,000 + Car + Pension: SThree: SThree are a ...