The US Labor Department said to day that the number of new claims for unemployment benefits fell my a more-than-expected 31,000 to 473,000 in the week ending August 21. Overall, the number of people receiving unemployment insurance decreased, while those getting extended benefits climbed.
“These data still suggest a softer labor market,†Steven Wood, president of Insight Economics LLC in Danville, California, said in a note to clients. Claims “are still high and are no longer trending lower.†Wood projected applications would fall to 475,000, matching the survey low.
Source: Bloomberg
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