The number of Americans filing new claims for jobless benefits fell more than expected in the week ending August 1st by 38,000 to 550,000 according to the U.S. Labor Department.
On the other hand the number of individuals still receiving unemployment claims in the week ending July 25th rose by 69,000 to 6.3 million after three consecutive weeks of decline.
Thursday’s report came a day before the government’s closely watched monthly jobs report.
The Labor Department report is expected to show that the economy shed 328,000 jobs in July, less than the 467,000 reported for June. The unemployment rate is predicted to rise to 9.6% from 9.5%.
On Wednesday, The ADP National Employment Report found that US companies cut 371,000 jobs last month, 21,000 more than economists’ median expectations.
Related news articles:
