U.S. jobless claims up by 23K to 302K in July 26 week

Nathan Andrada – Fourth Estate Cooperative Contributor

Washington, DC, United States (4E) – The number of applicants for unemployment benefit claims in the U.S. jumped last week after declining to its lowest level in 14 years earlier in the month.

In the week ended July 26, initial claims for unemployment aid increased by 23,000 to 302,000 on a seasonally adjusted basis, according to the Labor Department report released Thursday.

The figures were higher than anticipated. Economists polled by the Wall Street Journal had an average forecast of 305,000 new claims.

Previous week’s claims were revised down to 279,000, the lowest since May 2000.

The four-week moving average of claims, which reduces the volatility in the weekly data, fell by 3,500 to 297,250, the lowest level since April 2006.

In the week ended July 19, the number of workers continuing to draw jobless benefits, which are reported with a one-week lag, climbed by 31,000 to 2.54 million on seasonally adjusted terms.

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