US jobless claims rise 7,000

The number of US workers applying for jobless benefits rose by 7,000 last week to a level slightly higher than expected.

The number of US workers applying for jobless benefits rose by 7,000 last week to a level slightly higher than expected.

Initial claims for state unemployment insurance benefits rose for a second straight week to a seasonally adjusted 316,000 in the week ended August 4th, up from an upwardly revised 309,000 the prior week.

Last week's rise exceeded Wall Street economists' forecasts for 310,000 claims after an original reading of 307,000 in the week ended July 28th.

The four-week moving average, a more reliable measure of labour market trends because it irons out weekly fluctuations in the data, inched up to 307,750 in the week ended August 4th, from 306,000.

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The rise in new claims brought them to their highest level since June 30th, when they hit 321,000.

The number of people remaining on state benefit rolls rose by 39,000 to 2.56 million in the week ended July 28th.