While recent data has shown some signs of stabilization in the labor market, the Labor Department released a report Thursday morning showing that first-time claims for unemployment benefits unexpectedly increased in the week ended August 15th.
The report showed that initial jobless claims rose to 576,000 from the previous week’s revised figure of 561,000. The increase came as a surprise to economists, who had expected jobless claims to edge down to 550,000 from the 558,000 originally reported for the previous week.
With the unexpected increase, jobless claims rose for the second consecutive week, although they remain well off the highs seen in March.
The Labor Department also said that the less volatile four-week moving average rose to 570,000 from the from the previous week’s revised average of 565,750.
Additionally, the report showed that continuing claims edged up to 6.241 million in the week ended August 8th from the preceding week’s revised level of 6.239 million.
The report showed that initial jobless claims rose to 576,000 from the previous week’s revised figure of 561,000. The increase came as a surprise to economists, who had expected jobless claims to edge down to 550,000 from the 558,000 originally reported for the previous week.
With the unexpected increase, jobless claims rose for the second consecutive week, although they remain well off the highs seen in March.
The Labor Department also said that the less volatile four-week moving average rose to 570,000 from the from the previous week’s revised average of 565,750.
Additionally, the report showed that continuing claims edged up to 6.241 million in the week ended August 8th from the preceding week’s revised level of 6.239 million.
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