US Weekly Jobless Claims Rise to 270k

Washington (Aug 6)  First-time weekly jobless claims in the US rose by 3,000 to a seasonally adjusted 270,000 during the week to Saturday, the Labor Department said Thursday.

The data was relatively in line with expectations as consensus forecastscompiled by various news organizations called for initial claims to be around 273,000. The government left the prior week’s tally for initial jobless claims unrevised at 267,000.

Meanwhile, the four-week moving average for new claims – often viewed as a more reliable measure of the labor market since it smoothens out week-to-week volatility – was down by 6,500 claims to 268,250.

There were no special factors impacting this week's initial claims, the Labor Department said.

Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, fell by 14,000 to a seasonally adjusted 2.26 million during the week ending July 25, the government said. The four-week moving average fell by 18,000 to 2,239,000.

Source: KitcoNews