New unemployment applications rose by 1,000 in the week ending Aug. 1, while the latest labor data continued to show relatively limited layoffs despite slower hiring.
By yourNEWS Media Newsroom
The number of Americans filing for unemployment benefits increased slightly last week, though layoffs remained low by historical standards, according to Labor Department figures released Thursday.
Initial jobless claims totaled 199,000 for the week ending Aug. 1, an increase of 1,000 from the previous week.
Weekly unemployment claims are closely watched as a timely measure of layoffs and the overall condition of the labor market, the Associated Press reported.
The modest rise came as employers have shown greater caution in expanding payrolls.
Federal data released in July showed that businesses added 57,000 jobs in June, less than half the number created during the previous month. The slowdown suggested companies were becoming more restrained about labor costs even as large-scale layoffs remained uncommon.
The latest claims figures indicated that job losses had not accelerated significantly, despite weaker hiring and growing caution among employers.
Original article
Comments