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

The number of Americans filing for unemployment benefits rose by 9,000 to 209,000 in the first week of August, exceeding market expectations of 202,000. By contrast, continuing claims—considered a key indicator of ongoing unemployment—fell by 22,000 to 1,777,000 in the preceding week.

Taken together, the figures suggest a still-resilient U.S. labor market, despite softer signals in the latest BLS employment report, and broadly support FOMC members’ view that the economy is operating at or near full employment. Meanwhile, initial claims filed by federal employees—closely watched in light of the administration’s push to reduce the public-sector workforce—declined by 49 to 401.