Growing weekly jobless claims for the last two weeks in a row have underlined the weakness of the U.S. employment market.
Initial jobless claims rose 2,000, to 484,000 in the week ended August 7, with a four-week moving average of 473,500, an increase of 14,250 from the previous week’s revised average of 459,250, the Labor Department reported Thursday, August 12. Claims in the week of July 31 were originally reported as 479,000 and were revised up this week by 3,000 to 482,000.
Economists’ consensus was for August 7 claims totaling 465,000.
The claims level of 484,000 is the highest in five months and is approaching the high of 2010, said Thomas Simons, a Jefferies & Co. money market economist, in an analyst note.