WASHINGTON — Initial jobless claims rose 37,000 to 464,000 the week ending July 17, the Labor Department reported Thursday, higher than economists predicted.
But the four-week moving average for continuing claims decreased by 223,000 to 4.487 million for the week ending July 10, which was lower than predicted.
Economists expected 445,000 initial claims and 4.650 million continuing claims.
Initial jobless claims have a loose inverse relationship with job creation and many economists look to them for insight into monthly payroll reports. The rise in new claims points to slower job creation.
Anthony Chan, chief economist for JPMorgan Private Wealth Management in New York, estimates that 400,000 to 425,000 initial claims per week are consistent with the creation of the 115,000 to 125,000 new jobs the U.S. economy needs each month to accommodate new workforce entries.
