Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

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 17,949.37 19.38 0.11%
Nasdaq 4,862.57 19.90 0.41%
S&P 500 2,102.95 4.09 0.19%
Treasuries 1.46 -0.03 -2.15%
Data as of 9:01pm ET
Company Price Change % Change
Bank of America Corp... 13.10 -0.17 -1.28%
Micron Technology In... 12.50 -1.26 -9.16%
Ford Motor Co 12.72 0.15 1.19%
Chesapeake Energy Co... 4.59 0.31 7.24%
General Electric Co 31.49 0.01 0.03%
Data as of 4:04pm ET
Sponsors

Sections

Zenefits' new valuation is part of an agreement with investors announced by CEO David Sacks on Thursday. More

Investors are already sifting through the Brexit market rubble for opportunities. Morgan Stanley compiled a list of highly-rated stocks that have limited or no direct exposure to the situation in the U.K. More

The New Jersey Senate and Assembly disagree over which tax cuts should accompany a 23-cent-per-gallon hike in the state's gas tax. As a result the hike won't go into effect Friday. More