Job Watch -- July 28, 2016; First Time Unemployment Claims Up 14,000 Over Previous Week

Job watch, before the numbers are released:

The Labor Department will release its weekly data on initial jobless claims at 8:30 a.m. ET. 

Economists forecast that first-time claims for unemployment insurance increased last week to 262,000 from 253,000, according to Bloomberg. 

There are seasonal adjustment issues that could make the claims numbers more volatile around this time of year. But overall, the data send a fairly consistent and upbeat message; weekly claims have not risen above 300,000 for the last 72 weeks — the longest streak in 43 years. 

The number: 266,000.

US Initial Jobless Claims is at a current level of 266,000, an increase of 14,000 or 5.56% from last week. This is an increase of 3000 or 1.14% from last year and is lower than the long term average of 359145.4.

The huge surge and the huge miss explain why one can't find this story anywhere -- yet. (8:43 a.m. Eastern Time -- numbers released almost 15 minutes ago -- boiler plate story should be released b now.)

Finally, 8:54 a.m. Eastern Time, we have the report from Bloomberg: the spin continues. The report is not good but Bloomberg reminds us that we were at a "three-month low" last week. LOL.

The number of Americans who filed for unemployment benefits last week rose from a three-month low, consistent with the Federal Reserve’s view of a stronger job market.

Jobless claims increased by 14,000 to 266,000 in the week ended July 23. The median forecast in a Bloomberg survey called for 262,000 applications. The less-volatile four-week average dropped to remain at the second-lowest level since 1973.

Hiring managers are reluctant to pare staff as the labor market tightens and demand continues to expand in the face of subdued global growth prospects. Fed policy makers on Wednesday acknowledged a rebound in June employment and took a step toward raising interest rates before year-end.

“Claims at this point are telling you that you’re really near full employment,” said Brett Ryan, an economist at Deutsche Bank Securities Inc. in New York. “There’s no evidence that layoffs are picking up. The labor market’s chugging along.”

Whatever.

Job watch: Fiat Chrysler to end auto production in the US.

The company may be called Fiat Chrysler Automobiles, but by early next year, it won't be making automobiles in the U.S.

Instead, Fiat Chrysler's U.S. plants will be focusing entirely on pickups and SUVs for the Ram and Jeep brands.

Fiat Chrysler is winding down production of the Chrysler 200 and Dodge Dart and will primarily produce Jeep SUVs and Ram pickups in the U.S. The company's remaining car models will be made in Mexico or Canada.

Ending passenger car production in the U.S. is part of CEO Sergio Marchionne's multibillion-dollar plan to increase profit margins to match competitors. It's a bet that recognizes the growing popularity of SUVs in America, low gas prices and lower cost of producing vehicles  in Mexico.

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