Weekly Jobless Claims and Consumer Price Index Rise on Economic Data Reports

More disappointing economic data for the week and the month.

The Labor Department reported that new applications for U.S. unemployment benefits rose last week. Initial claims for state benefits climbed by 11,000 to a seasonally adjusted 428,000 in the week ended September 10th.

Economists had expected new requests to be lower in the previous week. This report makes it the second straight week of a claims increase after jobless benefits rose by 2,000 the week prior. The four-week moving average increased by 4,000 to 419,500.




In addition, the Bureau of Labor Statistics reported the Consumer Price Index rose 0.4 percent in August making the year-to-date increase of 3.8 percent. This was only a slight slow down from the previous months increase of 0.5 percent. The reading was higher than the analyst forecast of just 0.2 percent.

With an early drop in the trading day, the Dow is rallying back at around 10:00 AM, up about 100 points.

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