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The numbers: U.S. initial jobless benefit claims rose by 21,000 to 248,000 in the week ending Aug. 5, the Labor Department said Thursday, the highest level since the week ending July 1.
Economists polled by The Wall Street Journal had estimated new claims would rise 5,000 to 231,000. Claims have risen for two straight weeks. Last week claims rose 6,000 to 227,000, unrevised from the initial estimate.
Key details: The number of people already collecting jobless benefits fell by 8,000 to 1.64 million in the week ended July 29. Continuing claims are down from a high of 1.86 million in mid-April.
On an unadjusted basis, claims for 20,032 to 225,581 in the week ending Aug. 5.
Big picture: Claims remained well below their late spring peak.
“With initial and continued jobless claims moving lower, the economy seems to be stabilizing after a wobbly patch that began in mid-2022 as prices of gasoline and food surged,” said Bill Adams, chief economist for Comerica Bank.
What are they saying? “So, amidst all of the swings in applications for unemployment insurance in recent months, the number of people actually collecting benefits has been trending lower, a far more reliable indication of what is transpiring on the layoff front,” said Stephen Stanley, chief U.S. economist at Santander.
Market reaction: Stocks
DJIA
SPX
were sharply higher in reaction to consumer price inflation data also released Thursday. The yield on the 10-year Treasury note
BX:TMUBMUSD10Y
rose to 4.03%.
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