Jobless claims rise by 4,000

Figure is below expectations, underscores strength in labor market; four-week moving average down for the fourth consecutive week.

CNN Money


New applications for U.S. jobless benefits rose by 4,000 last week, government data showed Thursday, underscoring continued strength in the labor market. First-time filings for state unemployment insurance benefits, a rough guide to the pace of layoffs, rose to a seasonally adjusted 307,000 in the week ended July 28, from an upwardly revised 303,000 in the prior week, the Labor Department said. Last week's level of claims came in somewhat lower than the 310,000 claims that Wall Street economists - polled by Reuters ahead of the report - were expecting after a previously reported 301,000 claims the prior week. The four-week moving average of claims, a more reliable measure of employment trends because it irons out volatility in the weekly data, fell for the fourth straight week to 305,500, its lowest level in two months. The number of people who already qualify for benefits and remain on the jobless rolls fell by 16,000 to 2.53 million for the week ended July 21, the most recent period these figures were available.