(MENAFN- AFP) New claims for US unemployment insurance rose modestly in the third week of July but remained at a sustained low level unseen since the 1970s, the Department of Labor reported Thursday.
Initial claims for unemployment insurance in the week ending July 23 stood at 266,000. The figure was 14,000 over the prior week's total of 252,000, a six-percent rise.
Claims for unemployment benefits are seen as an indicator of the prevalence of layoffs.
Despite the increase, the level has held steady below 300,000 for 73 straight weeks.
According to the Labor Department, such an extended stretch of low claims has not been seen in more than four decades.
The four-week moving average was 256,500, down 1,000 from the prior week's revised average.
Though monthly figures have been uneven, the US economy added an average of 147,000 jobs per month between April and June.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.