The data from
the Labour Department revealed on
Thursday the number of applications for unemployment came in below expectations last week.
According to
the report, the initial claims for unemployment benefits fell by 2,000 to 231,000 for the week ended August 24.
Economists had predicted
232,000 new claims last week.
Claims for the prior week were revised upwardly to 233,000
from the original estimate of 232,000.
Meanwhile, the
four-week moving average of jobless claims dropped to 231,500 from an upwardly revised 236,250 (from 236,000) in the previous week.
This was the lowest count in 11 weeks.
As for
continuing claims, they rose to 1,868,000,
compared to a downwardly revised 1,855,000
(from 1,863,000) in the previous week. This represented the first gain in three weeks. Economists had forecast continuing jobless claims of
1,870,000.