Economy

Claims Climb in States by 10K

Claims Climb in States by 10K”

The Labor Department said Thursday that weekly unemployment applications rose by 10,000 to a seasonally-adjusted 244,000.

The four-week moving average of initial claims, which evens out weekly volatility, remained flat last week at 244,000.

The largest increases in claims for the week was seen in California at close to 7,000 while the largest decline was registered in NY at over 8,000 on the month.

Estimates of jobless claims can be volatile from week to week, but generally have hovered near four-decade lows in recent months, suggesting that employers are holding on to workers. Initial claims count people who apply for unemployment benefits after losing their jobs. That's the longest such stretch since 1970, when the USA population was much smaller.

The U.S. has added 16.6 million new jobs since 2010, pulling the unemployment rate down to 4.4% and heralding the best labour market since the turn of the century. The Labor Department's report for June showed that USA employers added a robust 222,000 jobs, the most in four months and a reassuring sign that businesses may be confident enough to keep hiring despite a slow-growing economy.



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