U.S. Jobless Claims Rise Moderately

U.S. initial jobless claims increased by 9,000 to a seasonally adjusted 209,000 for the week ended August 8, slightly above economists’ forecast of 202,000. The rise suggests the labor market remains relatively stable despite July’s unexpected job losses.

The U.S. economy shed 23,000 jobs in July, while employment figures for May and June were revised lower. However, unemployment claims remain near the lower end of their range for the year. A separate survey also showed small-business employment rebounded in July after four consecutive monthly declines.

The steady labor market, alongside signs of mild inflation, could support the Federal Reserve’s decision to leave interest rates unchanged at its September meeting. Continuing unemployment claims fell by 22,000 to 1.777 million in the week ended August 1, indicating that layoffs remain relatively contained.

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