June 21, 2012 / 12:50 PM / 7 years ago

Instant View: U.S. jobless claims fall, but 4-wk average at 6-month high

NEW YORK (Reuters) - The number of Americans filing new claims for unemployment benefits was little changed last week, according to government data on Thursday that suggested the labor market was struggling to regain momentum.

COMMENTS:

IAN LYNGEN, SENIOR BOND STRATEGIST AT CRT CAPITAL GROUP IN STAMFORD, CONNECTICUT

“Overall, a disappointing release compared to expectations, which illustrates ongoing pressure on the labor market.”

SAM BULLARD, SENIOR ECONOMIST, WELL FARGO SECURITIES, CHARLOTTE, NORTH CAROLINA

“This confirms the weak labor market we have. This is another disappointing number. Firms are slowly adding workers in this slow-demand environment. This is not strong enough to produce 200,000-plus jobs a month for sustainable job growth.”

“I suspect we would see a modest rebound in payrolls in June but it would still be below 150,000. It’s going to be another month of sub-par jobs data.”

TODD SCHOENBERGER, MANAGING PRINCIPAL AT THE BLACKBAY GROUP IN NEW YORK

“A little higher than expected, which isn’t a surprise on the heels of Bernanke’s remarks yesterday. It is obvious that the economy is indeed stuck in quicksand, and as a result, the labor picture continues to be dire. It is going to be an extremely difficult summer for job seekers.”

MARKET REACTION

STOCKS: U.S. stock index futures remained little changed.

BONDS: U.S. Treasury debt prices slightly trimmed earlier gains.

FOREX: The euro trimmed its losses versus the dollar.

Americas Economics and Markets Desk; +1-646 223-6300

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