- U.S. weekly jobless claims total 340,000
Market news
U.S. weekly jobless claims total 340,000
The
data from the Labor Department showed on Thursday the number of applications
for unemployment decreased more than forecast last week, hitting a new
pandemic-era low.
According
to the report, the initial claims for unemployment benefits fell by 14,000 to 340,000
for the week ended August 28. This was the lowest reading
since mid-March of 2020, when the COVID-19 pandemic struck.
Economists
had expected 345,000 new claims last week.
Claims for the prior week
were revised upwardly to 354,000 from the initial estimate of 353,000.
Meanwhile,
the four-week moving average of jobless claims dropped to 355,000 from an
upwardly revised 366,750 in the previous week.
As
for continuing claims, they declined to 2,748,000 from an upwardly revised 2,908,000
in the previous week. This was the lowest print since March 2020.
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