The number of initial claims for unemployment insurance rose marginally last week but remained close to the lowest level since the start of the recession.
New filings rose 5,000 to 333,000 in the week ending August 3rd, according to the Labor Department in Washington, D.C. The prior week was revised up by 2,000 to 328,000. Economists in the Reuters poll had forecast 336,000 new applications. It was the third lowest weekly total since before the start of the 2007-2009 recession.
The four week moving average dropped 6,250 to 335,500 its lowest reading since November 2007also before the recession. The average has declined 9 percent or 33,750 this year from 369,250 in the first week January.
The Labor Department said there were no special considerations in the numbers and that the plant closings typical of July had ended.
Chief Market Strategist