The numbers: U.S. initial jobless benefit claims rose by 21,000 to 248,000 in the week ended Aug. 5, the Labor Department said Thursday, the highest level since the week ended July 1.
Economists polled by The Wall Street Journal had estimated new claims would rise 5,000 to 231,000. Last week claims rose 6,000 to 227,000, unrevised from the initial estimate.
Key details: The number of people already collecting jobless benefits fell by 8,000 to 1.64 million. Continuing claims are down from a high of 1.86 million in mid-April.
Big picture: Claims remain well below their late spring peak.
“With initial and continued jobless claims moving lower, the economy seems to be stabilizing after a wobbly patch that began in mid-2022 as prices of gasoline and food surged,” said Bill Adams, chief economist for Comerica Bank.
Market reaction: Stocks
DJIA
SPX
were set to open higher in reaction to consumer price inflation data also Thursday. The yield on the 10-year Treasury note
BX:TMUBMUSD10Y
hit 4%.
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