US weekly jobless claims rise; labour market still tightening

WASHINGTON: The number of Americans filing applications for unemployment benefits increased last week, but the trend in claims remained consistent with tightening labour market conditions.

Initial claims for state unemployment benefits rose 8,000 to a seasonally adjusted 215,000 for the week ended Jul 27, the Labour Department said on Thursday. Economists polled by Reuters had forecast claims increasing to 214,000 in the latest week. The Labour Department said no claims were estimated last week.

US financial markets were little moved by the data as investors continued to digest Wednesday's rate decision and Powell's comments.The four-week moving average of initial claims, considered a better measure of labour market trends as it irons out week-to-week volatility, fell 1,750 to 211,500 last week.

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