Economy

Jobless Claims Rose Last Week, But Trend Points Down

There were 25,000 more first-time claims for unemployment benefits last week than there were the week before, the Labor Department just reported.

According to Labor, 584,000 people filed such claims in the week ended July 25.

But looking at the trend, Labor added that:

The advance number for seasonally adjusted insured unemployment during the week ending July 18 was 6,197,000, a decrease of 54,000 from the preceding week's revised level of 6,251,000. The 4-week moving average was 6,416,250, a decrease of 131,750 from the preceding week's revised average of 6,548,000.

And, Reuters writes:

The four-week moving average for new claims, considered to be a better gauge of underlying trends as it smoothes out week-to-week volatility, fell by 8,250 to 559,000. This was the lowest level since late January. The weekly moving average has declined for five straight weeks.

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