First time jobless claims in U.S. fall
WASHINGTON: The number of jobless workers filing first time claims for benefits in the country fell marginally in the week ended 18 August, the labor department said in a report Thursday. Initial claims for the week were down by 2,000 at 322,000, which is the lowest since 4 August and which halts gains during the last three weeks.
The report said the four-week average of these claims, however, went up by 4,750 to 317,750. The four-week average takes care of distortions possible in the weekly data. The number of unemployed people still drawing benefits after an initial week of allowances too rose to 2.57 million for the week ended 11 August -- up by 16,000, which is the highest level since mid-April. Economists had been expecting the figure to be 2.557 million.
The rate of unemployment among those eligible for benefits remained unchanged at 1.9 per cent.
Economists say continuing jobless claims above 350,000 mark indicate a weakening of the labor market, while any drop below 300,000 could put a strain on the labor market.
Higher the initial claims larger is the level joblessness. The number of continuing claims, meanwhile constitute an indication of how easy or hard it is for jobless workers to get new jobs.
Many economists are of the view that higher investments and the strong global economies are contributing to a favorable labor market.
While 26 states and territories reported increase in new claims, 27 reported a fall, the report said.
|
|
