Jobless Claims Increase
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By ERIC MORATH And SARAH PORTLOCK
The number of U.S. workers filing applications for jobless benefits rose last week, continuing an uneven pattern that suggests job creation was likely modest in July.
Initial jobless claims, an indication of layoffs, increased by 8,000 to a seasonally adjusted 365,000 in the week ended July 28, the Labor Department said Thursday. Economists surveyed by Dow Jones Newswires had forecast 370,000 new applications for jobless benefits last week.
Claims for the July 21 week were revised up to 357,000 from an initially reported 353,000.
Underemployment
While the unemployment rate moves headlines every month -- the latest, for July, comes out Friday -- the "underemployment" rate, or "U-6" rate, includes everyone else affected by the moribund job market. See which states have worst underemployment.
Still the four-week moving average of claims, which covers nearly all of July, fell by 2,750 to 365,500, the lowest level since March. The moving average is considered a more-reliable measure because it smooths out weekly data.
A Labor Department official said claims are volatile in July due to temporary layoffs in the automotive industry.
The numbers come a day ahead of July's payroll report. Typically job creation increases when layoffs decline.
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