WASHINGTON (MNI) - Initial claims for U.S. state unemployment benefits rose by 3,000 to a level of 269,000 in the July 30 week, above expectations for a 263,000 level, but remaining relatively low, data released by the Labor Department Thursday showed.
The July 23 week's level was unrevised from the 266,000 level reported in the previous week.
Claims have been on a general downtrend over the last few months, as indicated by the four-moving average. In the July 30 week, the seasonally adjusted four-week moving average rose by 3,750 to 260,250, the first increase after four straight declines, as the recent low of 254,000 in the July 9 week rolled out of the calculation. Still, the average remains below its year-ago level of 275,250 and the 277,000 level where it started the year, an indication of improvement.
The Labor Department said there were no special factors in this week's claims data and that there were no estimates made for state data in the current week.
Seasonal adjustment factors had expected a decrease of 5.9% or 13,566 unadjusted claims. Instead, unadjusted claims fell by 11,485 to 220,204 in the current week. The advance states data show the largest declines were in Michigan, Illinois, Georgia, and Alabama, but more than half of the states posted at least a small drop.
The current week's unadjusted level was modestly below the 224,104 level in the comparable week a year ago, ending a short string of unadjusted levels that were ahead of their year ago levels.
The level of continuing claims fell 6,000 to 2.138 million in the July 23 week, allowing the four-week average to rebounded after the previous week's dip. Before seasonal adjustment, continuing claims for the July 23 week fell by 39,372 to 2.102 million. This level was well below the 2.215 million level seen in the comparable week a year ago.
The seasonally adjusted insured unemployment rate held steady at 1.6% in the July 23 week, where it has been every week except five since the start of the year.
The unemployment rate among the insured labor force is well below that reported monthly by the Labor Department because claims are approved for the most part only for job losers, not the job leavers and labor force reentrants included in the monthly report.
