Jobless claims rise to 277,000, but still low

First-time claims for unemployment benefits rose to 277,000 in the week ending Aug. 15, the Department of Labor reported Thursday.

The 4,000 increase defied economists’ expectations for claims to tick down from an unrevised 274,000 the week before.

The rise pulled the four-week moving average of initial claims up to 271,500, a 5,500 increase. The week before had seen the lowest four-week average in 15 years.

Even with the increase, however, the average is still at levels not seen before this summer since 2000.

Initial claims for unemployment insurance, which are adjusted for seasonal fluctuations, have been running below 300,000 each week since February.

As the claims processed by the states are reported on a weekly basis, they are watched closely as a leading indicator of job growth and the economy.

This week’s claims also represent the week in which polling was done for the monthly jobs claims for August.

Unemployment has fallen from 5.7 percent at the beginning of the year to 5.3 percent in July, and is expected to keep dropping the rest of the year.

The Labor Department said that no special factors influenced the number of claims.

The total number of people received unemployment benefits fell to 2.25 million at the end of July, down from 2.5 million a year earlier. Unemployment insurance is available for up to 26 weeks.

California, Illinois, New York, and Pennsylvania saw the biggest weekly increases in first-time claims, along with Puerto Rico.

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