Jobless Claims Up 2,000 To 484,000 in Aug. 7 Week

WASHINGTON — New jobless claims unexpectedly rose 2,000 to 484,000 the week ending Aug. 7, the Labor Department reported Thursday.

It was the highest total since February and close to the 490,000 high for 2010 set the week ending Jan. 30.

Continuing claims fell 118,000 to 4.452 million. Economists expected 465,000 initial claims and 4.540 million continuing claims, according to Thomson Reuters’ median estimate.

Initial claims for the week ending July 31 were revised higher to 482,000 from 479,000. Continuing claims for the week ending July 24 were revised to 4.570 million from 4.537 million.

Initial claims have risen three of the past four weeks. The four-week moving average for initial claims, a less volatile figure, rose to 473,500.

There is a loose inverse relationship between initial jobless claims and monthly job creation.

Initial claims of 400,000 to 425,000 a week are consistent with creation of the 115,000 to 125,000 new jobs the U.S. economy needs to accommodate new workforce entries, according to Anthony Chan, chief economist for JPMorgan Private Wealth Management.

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