Futures lower as Labor posts latest jobs figures

Futures lower as Labor posts latest jobs figures

NEW YORK (AP) — Stock futures sank today with the latest economic data pointing to a steady yet slow improvement in the job market.

Dow Jones industrial futures fell 43 points to 13,041. The broader S&P futures gave up 5.5 points to 1,401.70 and Nasdaq futures lost 10 points to 2,771.25.

The number of Americans seeking unemployment benefits was unchanged last week at a seasonally adjusted 374,000, according to the Labor Department. The four-week moving average, a less volatile measure, increased to 370,250.

When such applications fall consistently below 375,000, it suggests that hiring is strong enough to lower the unemployment rate, which is hovering at an uncomfortable rate of 8.3 percent.

Unemployment applications have risen slightly over the past three weeks. Last week’s number was revised upward to 374,000 from the 372,000 that was reported initially.