U.S. weekly jobless claims rise more than expected

The data from the Labor Department revealed on Thursday the number of applications for unemployment benefits rose last week, but the trend continued to point to a strong labor market conditions despite signs that economic activity was slowing.

According to the report, the initial claims for unemployment benefits increased by 9,000 to a seasonally adjusted 220,000 for the week ended August 10.

Economists had expected 214,000 new claims last week.

Claims for the prior week were revised upwardly to 211,000 from the initial estimate of 209,000.

Meanwhile, the four-week moving average of claims went up 1,000 to 213,750 last week.