Weekly jobless claims fall to 233,000, beating expectations

Aug. 8 (UPI) -- The number of people filing for initial weekly unemployment benefits came in lower than expected but remained one of the highest weekly totals of the year, the Labor Department said on Thursday.

Jobless claims for the weeek ending Aug. 3 fell by a seasonally adjusted 17,000 to 233,000.

Dow Jones economists had forecast that 240,000 people would filed for first-time unemployment insurance last week.

The previous week's total, the highest of 2024, was revised up 1,000 to 250,000.

The new initial filing total marks the 11th straight week first-week applications remained elevated above the 220,000 level, the longest such streak this year.

The report comes on the heels of a slowing job-creation number reported by the Labor Department last week that set the stock market to a temporary downward spiral.

The four-week moving average for first-time jobless filers was 240,750, an increase of 2,500 from the previous week.

"Claims pulled back in the latest week, adding to evidence that weather and seasonal auto plant shutdowns were responsible for the previous week's dramatic rise," Robert Frick, corporate economist of Navy Federal Credit Union, said, according to CNBC.

"If you're looking for additional weakness in the labor market, you'll need to find it somewhere else."

The total of all people making benefit claims for the week ending July 27 was 1.875 million, an increase of 6,000 from the previous week. That's its highest total since Nov. 27, 2021.

The four-week moving average for everyone filing for weekly unemployment insurance was 1.862 million, the most since Nov. 27, 2021.