The number of Americans claiming jobless benefits has risen for the second week running, as the US economy continues to wrestle with persistent unemployment.

First-time jobless claims rose by 7,000 to 480,000, according to labour department figures on Thursday, defying expectations of Wall Street economists that they would sink. The less volatile four-week average of new claims, however, fell by 5,250 to 467,500, maintaining a healthier trajectory.

“Jobless claims join many other indicators in suggesting that the official government payroll data have been overstating the degree of improvement in the labour market,” said Joshua Shapiro, chief US economist at MFR.

Ooops!  Sorry, Mr. President, we hate to break it to you but no amount of talk on caulk will fix this mess.

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Cross-posted