Jobless Claims Up Slightly Last Week

Washington, DC, July 5, 2007-- Jobless claims for state unemployment rose 2,000 to 318,000 in the week ended June 30, according to the Labor Department.

The four-week moving average of new claims climbed to 318,500, up by 1,750 from a week earlier.  

Economists say initial claims in the range of about 300,000 to 325,000 are consistent with job growth of about 100,000 to 150,000 per month.

Consistent levels over the 350,000 mark would signal some weakening in the labor market, while a sustained drop below 300,000 could place further strain on a labor market that's already tight.

Initial claims represent job destruction, while the level of continuing claims indicates how hard or easy it is for displaced workers to find new jobs.