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Jobless claims average up but total claims fall

July 16, 2015

The US four-week moving average of initial claims for unemployment insurance rose by 3,250 last week to a total of  282,500 from the previous week’s downwardly revised average, according to seasonally adjusted numbers released today by the US Department of Labor.

The four-week moving average decreases the volatility of the weekly numbers. Total initial claims for unemployment insurance for the week ended July 11 fell by 15,000 to a total of 281,000 from the previous week’s upwardly revised level. The decrease follows three consecutive weeks of increases.

No special factors affected this week’s initial claims.

Bloomberg reports claims fell more than its median forecast of 46 economists, which called for 285,000 claims, but cautioned jobless claims can see-saw at this time of year as automakers shutter plants to retool operations for the new-model year, making it more difficult to discern the underlying trend. Firings have held below 300,000 for 19 consecutive weeks, the longest streak since 2000 and a sign of a stronger labor market, Bloomberg reported.