Economic Buzz: US Weekly Jobless Claims Edges Up After A Downtrend

23 Sept 2022 , 09:31 AM

After reporting modest decreases in first-time claims for U.S. unemployment benefits for five straight weeks, the Labor Department released a report on Thursday showing an uptick in jobless claims in the week ended September 17th. The report showed initial jobless claims inched up to 213,000, an increase of 5,000 from the previous weeks revised level of 208,000. The modest increase came after jobless claims dropped to their lowest level since the week ended May 28th in the previous week. Meanwhile, the Labor Department said the less volatile four-week moving average slipped to a three-month low of 216,750, a decrease of 6,000 from the previous weeks revised average of 222,750. The report showed continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also dipped by 22,000 to 1.379 million in the week ended September 10th. The four-week moving average of continuing claims also edged down to 1,404,750, a decrease of 8,250 from the previous weeks revised average of 1,413,000.Powered by Commodity Insights