FX.co ★ US Initial Jobless Claims Rise Less than Expected

The number of Americans filing for unemployment benefits edged up by 1,000 to 199,000 in the final week of July, slightly below market expectations of 202,000 and still close to the 57-year low of 188,000 recorded two weeks earlier. Continuing claims, a key measure of ongoing unemployment, increased by 24,000 to 1,801,000 in the preceding week, remaining well below this year’s averages. The figures continue to point to a robust US labor market, consistent with FOMC officials’ view that the economy is operating at or near full employment. Meanwhile, initial claims filed by federal employees—closely watched amid the administration’s push to reduce the public workforce—rose by 32 to 450.