U.S. Jobless Claims Rise To 6-Week High

@AFP
U.S. Jobless Claims Rise To 6-Week High

Washington (AFP) — Initial claims for U.S. unemployment insurance benefits rose to a six-week high last week but the overall trend continued to show a tightening labor market, government data showed Thursday.

New jobless claims, a sign of the pace of layoffs, rose to 311,000 in the week ending August 9, up 21,000 from the prior week’s revised 290,000, the Labor Department said.

The increase was larger than expected; the average analyst estimate was 305,000 claims.

The four-week moving average was up 2,000 to 295,750, but still reflected an improving jobs market. A year ago the average stood at 335,000 claims.

“While the latest reading on initial claims was higher than expected, the four-week average has risen only slightly from the eight-year low reached last week,” Dean Maki of Barclays Research said in a client note.

“Thus, we still would view the claims data as consistent with a labor market that is improving.”

The U.S. economy generated 209,000 new jobs in July, down from June but maintaining a solid 200,000-plus monthly streak since February, according to the government.

The unemployment rate rose by 0.1 points to 6.2 percent, but it remained near its lowest level in nearly six years and well down from 7.9 percent at the start of 2013.

AFP Photo/Justin Sullivan

Interested in economic news? Sign up for our daily email newsletter!</em>

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

History And Terror In The Skies Over Israel

Anti-missile system operating against Iranian drones,seen near Ashkelon, Israel on April 13, 2024

Photo by Amir Cohen/REUTERS

Iran has launched a swarm of missile and drone strikes on Israel from Iranian territory, marking a significant military escalation between the two nations. Israel and Iran have been engaged in a so-called shadow war for decades, with Iranian proxies like Hezbollah rocketing Israel from Lebanon and Syria, and Israel retaliating by launching air strikes on Hezbollah missile sites. Israel has also launched strikes on Iranian targets in other countries, most recently an airstrike on part of the Iranian embassy in Damascus, Syria, which killed several top Iranian “advisers” to its military, including Mohammad Reza Zahedi, a senior officer in Iran’s Quds Force, an espionage and paramilitary arm of Iran’s army.

Keep reading...Show less
Whose Votes Does Biden Need To Win -- Hard Left Or Haley Republicans?

President Joe Biden

How A Dire Shortage Of Poll Workers Threatens Our Democracy

Barack Obama got it right. He refused to be held captive to his party's left wing. He adopted a strenuous policy of border enforcement, even as some Latino activists threatened to withhold their support for him. He had tense relations with Israeli leader Benjamin Netanyahu, but when anti-Israel protesters interrupted a Biden fundraiser over the Gaza conflict, Obama reprimanded them: "Here's the thing, you can't just talk and not listen." And the hall broke into applause.

Keep reading...Show less
{{ post.roar_specific_data.api_data.analytics }}