New and continuing jobless claims resume decline
Initial jobless claims fell 10,000 to 570,000 for the week ending August 22, the U.S. Labor Department announced Thursday. Meanwhile, continuing claims also fell, decreasing 119,000 to 6.133 million. Economists surveyed by Bloomberg News had expected jobless claims to total 565,000 this week. Also, the four-week moving average for initial jobless claims decreased 4,750 to 571,000.
Economists view the four-week average as a better indicator of unemployment conditions, as it smooths-out anomalies for strikes, holidays, or other idiosyncratic events.