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Jobless claims higher than expected

By Aaron Smith, CNNMoney.com staff writer

NEW YORK (CNNMoney.com) -- Initial claims for unemployment insurance climbed last week, the government reported on Thursday.

The Labor Department's report showed that jobless claims jumped 12,000 in the week ended June 12, compared to the prior week's revised total of 460,000 claims.

Economists were expected initial jobless claims of 450,000 for the week ended June 12, according to Briefing.com consensus.

The report took the wind out of gains in the U.S. futures market.

The report was released one day after Senate Democrats revised a jobs bill, scaling back unemployment benefits and Medicare physician reimbursement measures. This revision would eliminate a $25 weekly supplement for the jobless that had been part of last year's stimulus act.

The cut will reduce the bill's cost by $5.8 billion over the next decade. To top of page

Index Last Change % Change
Dow 21,434.82 -19.79 -0.09%
Nasdaq 6,185.78 -48.63 -0.78%
S&P 500 2,435.17 -5.52 -0.23%
Treasuries 2.28 0.06 2.52%
Data as of 10:47am ET
Company Price Change % Change
Staples Inc 10.14 0.21 2.06%
Bank of America Corp... 24.48 0.61 2.53%
Advanced Micro Devic... 12.94 -0.29 -2.15%
Citigroup Inc 67.20 2.02 3.10%
Regions Financial Co... 14.72 0.62 4.44%
Data as of 10:32am ET


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