• Unemployment Claims Rise To Eight-Week High At 12,000

    Jobless claims reached an eight-week high after 12,000 Americans filed for unemployment benefits last week, bringing the total to 282,000 — a number higher than initially predicted by Bloomberg last week.

    According to the Department of Labor, the four-week average is less drastic, showing a 3,250 increase to a seasonally-adjusted 275,000.

    Over the course of the past 12 months, the average has dropped 9.2 percent.

    Economists predict the number of jobs added for the month of August will be around 218,000.

    Payroll processor ADP released a report Wednesday showing 190,000 private-sector jobs were added last month — 13,000 more than July — pointing toward stability in the job market despite the month’s volatile trend in the stock market and the slowdown in China and Canada’s economies.

    The Associated Press reports most of the private-sector hiring took place in companies with less international exposure.

    The jobs report, set to be released by the Labor Department Friday, could have a bearing on whether the Federal Reserve decides to raise interest rates for the first time in almost a decade.

    High Frequency Economics Chief U.S. Economist Jim O’Sullivan told USA Today that unless the job numbers are over 250,000, it’s unlikely there will be a September rate hike.

    The Federal Open Market Committee will vote on whether to make the increase during a meeting in Washington, D.C., on Sept. 16-17.

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