US Jobless Claims Rise But Employment Trend Strong

The number of Americans filing new applications for unemployment benefits rose less than expected last week, suggesting labor market conditions are continuing to tighten.

Initial claims for state unemployment benefits increased 3,000 to a seasonally adjusted 270,000 for the week ended Aug. 1, the Labor Department said on Thursday. Claims for the prior week were unrevized.

It was the 22nd consecutive week that claims held below the 300,000 threshold, which is associated with a strengthening labor market. Economists had expected claims to rise to 273,000 last week.

Claims are volatile during the summer when automakers usually shut assembly plants for annual retooling. Some firms keep production lines running, which can throw off a model the government uses to smooth the data for seasonal variations.

However, a Labor Department analyst said there were no special factors influencing the data and no states had been estimated.

via CNBC

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza