Mixed employment data: jobless claims rise, but continuing claims fall

Another mixed bag regarding the most recent labor market data. While initial jobless claims rose by 3,000 to 608,000, continuing claims fell 148,000 to 6.69 million, the U.S. Labor Department announced Thursday. Meanwhile, the 4-week moving average decreased 7,000 to 622,250.

Economists surveyed by Bloomberg News had expected this week's initial jobless claims to total 610,000.

Further, it was the lowest continuing claims total since May 9. Falling continuing claims, which hit a record 6.82 million last week, could represent another 'green shoot,' if the metric moves steadily lower -- it would reflect a peak in long-term joblessness, which historically has been a sign that economic growth is ahead.