Initial jobless claims fell by 5,000 to 256,000 in the week ended July 23, the Labor Department said Thursday. The number of people already collecting jobless benefits fell by 25,000 to 1.36 million.
The numbers: Initial jobless claims fell by 5,000 to 256,000 in the week ended July 23, the Labor Department said Thursday.
Economists polled by The Wall Street Journal had estimated new claims would inch down to 249,000 from last week’s initial estimate of 251,000.Key details: The four-week average of claims rose 6,250 to 249,250, the eighth straight weekly gain.Big picture: Jobless claims have been creeping higher since hitting a low of 166,000 in March. Fed Chairman Jerome Powell said Wednesday the labor market was strong and a bulwark against recession.
Powell said he saw “the very beginnings of perhaps a slight lessening in the tightness of the labor market, but only be the beginnings.” Market reaction: U.S. stocks DJIA, +0.55% SPX, +0.59% were set to open lower Thursday after the government reported that the economy contracted 0.9% in the second quarter.
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