Initial jobless claims fell to 570,000 for the week ending Aug. 29, above economists’ estimates from an upwardly revised 574,000 claims in the previous week, the Labor Department reported yesterday.
Continuing jobless claims rose to 6.234 million from 6.142 million for the week ending Aug. 22. The four-week moving average for initial claims increased to 571,250 from 567,250 for the week ending Aug. 29 and the four-week average for continuing claims fell to 6.216 million from 6.244 million for the week ending Aug. 22.
Michigan had the largest decrease for the week ending Aug. 22, reporting fewer layoffs in the auto industry. California reported a 8,632 increase in initial claims, citing layoffs in construction and other industries.