Fewer Americans filed for unemployment benefits last week, but applications remained at recently elevated, though not troubling levels.
Jobless claims for the week ending July 20 fell by 10,000 to 235,000 from 245,000 the previous week, the Labor Department reported Thursday. It’s the ninth straight week claims came in above 220,000. Before that stretch, claims had been below that number in all but three weeks so far in 2024.
The four-week average of claims, which evens out some of the week-to-week volatility, rose by 250 to 235,250. Continuing claims have been on the rise in recent months, suggesting that some Americans receiving unemployment benefits are finding it more challenging to land jobs. Few analysts expect the Fed to cut rates at its meeting later this month, but most are betting on a cut in September.
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