Figures out of Washington Thursday morning indicated that the number of Americans filing for unemployment benefits had risen from a more than 48 1/2-year low last week, but continued to point to a tightening labour market.
The Labor Department said initial claims for state unemployment benefits increased 9,000 to a seasonally adjusted 217,000 for the week ended July 21. Claims dropped to 208,000 during the week ended July 14, which was the lowest reading since December 1969.
Economists had forecast claims rising to 215,000 in the latest week. Claims data tends to be volatile around this time of the year when motor vehicle manufacturers shut assembly lines for annual retooling
The four-week moving average of initial claims, which are considered a better measure of labour market trends as it irons out week-to-week volatility, fell 2,750 to 218,000 last week, the lowest reading since mid-May.
