Weekly jobless claims up
Job seekers wait in line to enter a career fair in Manhattan this past month. Claims for unemployment insurance ticked up as of Aug. 2, 2012, but a slower moving,four-week average fell to the lowest since March 31. (July 18, 2012) Credit: Bloomberg News
WASHINGTON -- The number of people seeking U.S. unemployment benefits rose last week, although the data was most likely skewed higher by seasonal factors.
The U.S. Labor Department says weekly applications increased by 8,000 to a seasonally adjusted 365,000. The four-week average, a less volatile measure, fell for the sixth straight week to 365,500, the lowest since March 31.
The decline in the four-week average suggests the job market could be improving a bit. But economists are viewing last month's figures with some caution because the government struggles every July to account for temporary summer shutdowns in the auto industry. This year, some automakers skipped shutdowns, resulting in fewer layoffs.
When applications consistently fall below 375,000, it suggests hiring is strong enough to pull the unemployment rate down.
