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US jobless claims drift lower during latest week

By Alexander Bueso

Date: Thursday 18 Aug 2022

US jobless claims drift lower during latest week

(Sharecast News) - Unemployment claims data for the preceding week came in a tad better than expected.
According to the US Department of Labor, initial jobless claims for the week ending on 13 August dipped by 2,000 to 250,000.

Worth noting, the previous week's level had been revised down by 10,000 to 252,000.

Economists at Barclays Research had penciled-in a reading of 260,000 for the latest week.

The four-week moving average, which is meant to smooth out the volatility in the figures from one week to the next slipped by 2,750 to 246.750.

Secondary unemployment claims meanwhile, which are those not being filed for the first time, edged up by 7,000 over the week ending on 6 August to 1.437m.

"The downside surprise is an encouraging signal that fears of broad-based layoffs have yet to materialize, but claims will continue to face upside risks through the rest of the year," Oxford Economics's Mahir Rasheed said.

"Still, we doubt claims will accelerate sharply as labor demand remains well ahead of labor supply, while the outlook for the economy remains relatively positive despite elevated uncertainty regarding inflation and growth."

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