The data from
the Labour Department showed on
Thursday that the number of applications for unemployment unexpectedly decreased last week.
According to
the report, the initial claims for unemployment benefits fell by 7,000 to 227,000 for the week ended August 10. This was the lowest weekly total in five weeks. Economists had predicted
235,000 new claims last week.
Claims for the prior week were revised upwardly to 234,000
from the original estimate of 233,000.
Meanwhile, the
four-week moving average of jobless claims dropped to 236,500 from an upwardly revised 241,000 (from 240,750) in the previous week.
This represented the lowest count in three
weeks.
As for
continuing claims, they declined to 1,864,000,
compared to a downwardly revised 1,871,000
(from 1,875,000) in the previous week. This marked the lowest
reading in three weeks. Economists had forecast continuing jobless claims of 1,880,000.