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Higher Jobless Claims Data Indicate Job Market Deterioration, Economists Say

Economists say the higher-than-expected initial jobless claims reading for the week ending June 21 and four-year high reached in continuing claims illustrates the continued deterioration of the U.S. labour market.

"Three straight weeks of claims in the mid-380s is not good news; this is recession territory," said Ian Shepherdson, Chief U.S. Economist at HFE. He noted that claims will move higher over the next few weeks as the...