Weekly Jobless Claims Fall Less Than Expected for Week Ending August 6

Weekly jobless claims rose by 1,000 to 266,000 for the week ending August 6, higher than the median forecast that called for 265,000. The Labor Department said prior week was revised lower by 2,000 at 267,000.

The four-week moving average–which irons out weekly volatility–was 262,750, an gain of 3,000 from the previous week’s revised average. The previous week’s average was revised down by 500 from 260,250 to 259,750.

A Labor Department analyst said there were no special factors impacting this week’s initial claims and no state was triggered “on” the Extended Benefits program during the week ending July 23. This marks 75 consecutive weeks of initial claims below 300,000, the longest streak since 1970, but the number of eligible applicants is also at a similiar low due to long-term unemployment.

The highest insured unemployment rates in the week ending July 23 were in Puerto Rico (3.1), Alaska (2.7), Connecticut (2.7), New Jersey (2.7), Pennsylvania (2.4), West Virginia (2.3), California (2.2), Rhode Island (2.2), Wyoming (2.1), and Massachusetts (2.0).

The largest increases in initial claims for the week ending July 30 were in California (+487), Kansas (+405), Indiana (+315), Virginia (+292), and Washington (+285), while the largest decreases were in Michigan (-1,864), Illinois (-1,458), Oregon (-1,084), Georgia (-1,021), and Alabama (-908).