Labor Market Signals Modest Job Growth
The number of Americans filing new jobless claims surged last week, increasing doubts about the economy’s health.
In the week ending July 14, applications for benefits increased by 34,000 to a seasonally adjusted 386,000, the Labor Department reported Thursday. The increase followed a drop of 24,000 last week.
The less volatile four-week average fell to 375,500, a decrease of 1,500 from the previous week’s revised average of 377,000.
When applications fall below 375,000, it usually suggests hiring is strong enough to pull the unemployment rate down. Applications have been hovering near or above that level this spring.