The number of Americans applying for unemployment benefits increased last week, although layoffs continue to remain at a stable and historically low level. According to the Labor Department, the applications for jobless aid rose by 9,000, reaching 197,000 for the week ending July 25.
The prior week’s figure was adjusted upwards by 1,000 to 188,000, marking the lowest level in over 50 years. Analysts, as surveyed by the data firm FactSet, had projected 207,000 new applications for the same period.
Weekly jobless claims are considered an immediate indicator of layoffs and provide insights into the U.S. job market’s condition. The four-week moving average, which helps to balance out weekly fluctuations, decreased by 5,000 to 202,750.
Additionally, the total number of Americans filing for unemployment benefits for the week ending July 18 stood at 1.78 million, which reflects a decrease of 7,000 from the previous week.