WASHINGTON – Initial jobless claims increased by 2,000 to 484,000 for the week ending Aug. 7, a level above economists' estimates and the highest total since February, the Labor Department reported today.
Continuing claims decreased by 118,000 to 4.452 million, the lowest level since June 26.
Economists expected 465,000 initial claims and 4.540 million continuing claims, according to the median estimate from Thomson Reuters.
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 increased in three of the past four weeks. Claims hit their high for the year, 490,000, in the week ending Jan. 30.
The four-week moving average for initial claims, a less volatile figure, increased for the third straight week to 473,500. The average reached a low for the year of 448,000 in the week ending March 27.
The four-week average for continuing claims fell to 4,518,500.
Workers receiving continuing unemployment benefits under extension programs approved amid the recession increased by 1.2 million to 4.5 million for the week ending July 24. The increase reflects states adding people who saw their benefits lapse until Congress renewed the benefits last month, the Labor official said. States are now recounting people who lost benefits during an eight week gap between the Congressional extension and the programs' initial expiration.
Alaska's initial claims data were estimated for last week, a Labor Department official said. For the week ending July 31, eight states reported a drop of more than 1,000 initial claims. Six states reported an increase of more than 1,000 initial claims.
