U.S. weekly jobless claims decrease more than expected

The data from the Labor Department revealed on Thursday the number of applications for unemployment benefits fell last week, pointing to a firm labor market conditions despite concerns the economy is on a path toward recession.

According to the report, the initial claims for unemployment benefits decreased by 12,000 to a seasonally adjusted 209,000 for the week ended August 17.

Economists had expected 216,000 new claims last week.

Claims for the prior week were revised upwardly to 221,000 from the initial estimate of 220,000.

Meanwhile, the four-week moving average of claims went up 500 to 214,500 last week.