A queue to file unemployment benefits in an American city
The number of Americans filing new applications for unemployment benefits increased more than expected to its highest level since the week ending July 1st.
On Thursday, the US Labor Department said that first-time applications for state unemployment benefits increased by 21,000 to 248,000 in the week ending Aug. 5.
Expectations were for it to rise to 227k, from the previous week’s unrevised reading of 227k.
The average number of jobless claims in the past four weeks, which is considered the most accurate measure of labor market performance, rose by 2,750 to 231,000, from the previous week’s unadjusted average of 228.25,000.
The US private sector added more jobs than expected during the month of July, indicating the strength of the US economy, despite the monetary tightening steps taken by the US Federal Reserve during the last period to control inflation.
Last July, the US private sector added 324,000 jobs, more than doubling expectations.
Expectations were that the private sector in the world’s largest economy would add 189,000 jobs.
According to the ADP report, June data was revised downward, to 455,000 jobs instead of 497,000.
2023-08-10 15:00:37
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