"Businesses have exhibited an extreme degree of caution in terms of capital investment as well as hiring"
- Stephen Stanley, chief economist at Pierpont Securities LLC
The number of Americans claiming for unemployment benefits jumped to 383,000 in the week ended May 26 from 373,000 the week before, said the Department of Labor on Thursday.
"Businesses have exhibited an extreme degree of caution in terms of capital investment as well as hiring," said Stephen Stanley, chief economist at Pierpont Securities LLC in Stamford, Connecticut. "Things are just kind of slogging along."
"It shows we're in a lackluster period in the economy right now," said Wayne Kaufman, chief market analyst at John Thomas Financial in New York.
Also Thursday, the Commerce Department said the U.S. economy expanded a downwardly revised 1.9 per cent in the first three months of 2011.
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