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The U.S. four-week moving average of initial claims for unemployment insurance rose by 6,000 in the week ended July 6 to a level of 351,750 from the previous week’s revised average of 345,750, according to seasonally adjusted numbers released today by the U.S. Department of Labor.
The four-week moving average decreases the volatility of the weekly numbers. Total initial claims for unemployment insurance for the week rose by 16,000 to a total of 360,000 from the previous week’s revised figure of 344,000.
Time Business & Money reports the weekly applications data can be volatile in early July because some automakers briefly shut down their factories to prepare for new models and many schools close. Those factors can create a temporary spike in layoffs. To read the story, click here.