The number of Americans filing new claims for jobless benefits rose slightly last week in a sign the U.S. labor market continues to improve at a moderate pace.
Initial claims for state unemployment benefits increased by 7,000 to a seasonally adjusted 343,000, the Labor Department said on Thursday.
Readings for jobless claims can be volatile in July because many factories close to retool during the period, and it is difficult for the government to adjust the data for seasonal swings because the shutdown schedule varies from year to year.
Still, a four-week average of new claims, which smooths out volatility, fell 1,250 from a week earlier.
The data reinforces the view that the labor market is weathering this year’s tax hikes and federal budget cuts, which appeared to drag heavily on economic growth during the first half of the year.
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