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A report released by the Labor Department on Thursday showed first-time claims for U.S. unemployment benefits rose by more than expected in the week ended August 2nd. The Labor Department said initial jobless claims climbed to 226,000, an increase of 7,000 from the previous week's revised level of 219,000. Meanwhile, the report said the less volatile four-week moving average edged down to 220,750, a decrease of 500 from the previous week's revised average of 221,250. The Labor Department also said continuing claims, a reading on the number of people receiving ongoing unemployment assistance, rose by 38,000 to 1.974 million in the week ended July 26th. With the increase, continuing claims reached their highest level since hitting 2.041 million in the week ended November 6, 2021. The four-week moving average of continuing claims crept up to 1,951,750, an increase of 5,000 from the previous week's revised average of 1,946,750. Powered by Commodity Insights
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