The number of Americans filing for unemployment benefits rose more than expected last week, but the underlying trend continued to pointing to the strength of the labor market supported. Initial applications for state unemployment benefits rose 14,000 to a seasonally adjusted 266,000 for the week ended July 23, the Labor Department said Thursday. Applications for the previous week were revised to show 1,000 fewer applications received than previously reported.
initial applications Economists polled by Reuters had forecast a rise to 260,000 in the last week. Claims have now been below 300,000, a level associated with a healthy labor market for 73 consecutive weeks, the longest since 1973.
Prices of US Treasuries were unchanged after the data. US stock futures were trading lower and the DXY dollar was lower against a basket of currencies.
The data claims tend to be volatile at this time of the year when automakers normally idle assembly lines for retooling. Some, however, often keep the production running, which can shake the model that the government uses to strip outseasonal data fluctuations. A Labor Department analyst said there were no special factors influencing the data last week claims and only applications for Hawaii and Puerto Rico were estimated.
The four moving average weeks of claims, considered a better measure of labor market trends as it smooths volatility week to week, fell by 1,000 to 256,500 last week, the lowest level since April .
Federal Reserve said Wednesday the labor market had "strengthened" and that non-farm payroll and other employment measures market has some "increase in the use of labor in the last month. " the US central bank left interest rates unchanged amid concerns about the persistent low inflation interest.
the economy added 287,000 jobs in June, the largest increase this year. the strength of the labor market feeds consumer spending, which in turn stimulates faster economic growth.
According to a Reuters poll of economists, the government should declare Friday that gross domestic product grew at an annual rate of 2.6 percent in the second quarter, after rising 1.1 percent pace in the January-March period.
Thursday's claims report showed the number of people still receiving benefits after an initial week of aid rose 7000-2140000 in the week ended July 16. The four-week average the so-called continuing claims fell by 7000 to 2140000, the lowest level since November 00.
report continuing claims covered the survey week for the unemployment rate July. The four-week average of continuing claims fell 9,750 between periods of investigation in June and July.
This, with a survey Tuesday showing an improvement in the perception of conditions in the labor household market, suggests the unemployment rate could decline this month, after increasing by two tenths of a percentage point 4.9 percent in June.
Reuters
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