Jobless Claims in the U.S Rose to its Highest Level since February but The Numbers Stay Within Acceptable Limits
Last week, the number of new applications that were submitted for unemployment insurance benefits in the U.S, spiked to its highest level noted since the month of February this year. The data suggests a slowdown in the recovery of the labor market in the nation. On Thursday, the Labor Department said that for the week ending in July 4, the initial unemployment benefit claims increased by a huge 15,000 to a seasonally adjusted number of 297,000.
However, as though the claims for the benefits rose in number but it still is in line with the firming labor market and marked the eighteenth successive week with of new filings remaining less than 300,000. This number is considered to be steady as far as the current conditions of the labor market are concerned.
Last week the claims noted at 282,000 was the revised figure that showed one thousand people more to have claimed the unemployment benefits than reported initially.
The report covering the period of the Independence Day holiday, had nothing unusual said the analysts. However, there was some volatility noticed which was accepted as expected due to the holiday and shutting down of the auto plants for retooling.
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