US Jobless Claims Increase, But Still Near Cycle Lows

By Lucia Mutikani

The number of Americans filing new applications for unemployment benefits increased last week, but remained near cycle lows in a sign that the jobs market was gaining steam.

Initial claims for state unemployment benefits increased 12,000 to a seasonally adjusted 267,000 for the week ended July 25, the Labor Department said on Thursday. Claims for the prior week were unrevised at 255,000, which was the lowest level since November 1973.