Rise in Jobless Claims Highlights Unemployment Trends

Washington, Aug 7 (AP) The number of Americans applying for unemployment benefits saw a slight increase last week, highlighting that employers are largely holding onto their workers despite uncertainties stemming from U.S. trade policies. Jobless claims for the week ending August 2 increased by 7,000, reaching a total of 226,000, as per the report from the Labour Department on Thursday. This figure slightly exceeds the 219,000 new applications predicted by economists. This report marks the first release of government labor market data since last Friday's dismal July jobs report, which caused significant turmoil in financial markets. In response, President Donald Trump dismissed the head of the agency responsible for compiling the monthly jobs statistics. The four-week moving average of claims, which helps mitigate some of the volatility seen week-to-week, decreased by 500 to 220,750. Furthermore, the overall number of Americans receiving unemployment benefits as of the week ending July 26 surged by 38,000 to reach 1.97 million, the highest point since November 2021. (AP) GSP

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