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Jobless claims average rises unexpectedly, initial claims also up

July 05, 2018

The US four-week moving average of initial claims for unemployment insurance rose to 224,500 last week, up 2,250 from the previous week’s unrevised average, the US Department of Labor reported. The previous week’s average was revised upward by 250.

The four-week moving average decreases the volatility of the weekly numbers. Total initial claims for unemployment insurance for the week ended June 30 rose to 231,000, up 3,000 from the previous week’s level, which was revised up by 1,000.

CNBC reported economists polled by Reuters had forecast claims falling to 225,000 in the latest week. While the number of Americans filing for unemployment benefits unexpectedly rose, the trend in jobless claims continued to point to tightening labor market conditions. Claims could become volatile in the coming weeks as automobile manufacturers close assembly lines for annual retooling.

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