The number of Americans filing new applications for unemployment benefits unexpectedly rose last week, but the trend continued to point to a strengthening labor market.
Initial claims for state unemployment benefits increased 5,000 to a seasonally adjusted 274,000 for the week ended Aug. 8, the Labor Department said on Thursday. Claims for the prior week were revised to show 1,000 fewer applications received than previously reported.
Though claims have risen for three straight weeks, they have remained below the 300,000 threshold, which is associated with a firming jobs markets, for 23 consecutive weeks.
Economists had forecast claims to be unchanged at 270,000 last week. A Labor Department analyst said there were no special factors influencing the data and no states had been estimated.
The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 1,750 to 266,250 last week, the lowest since April 2000.
via Reuters
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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