US applications for jobless benefits rise for 1st time in 7 weeks

The number of applications for jobless benefits saw a slight rise last week, marking the first increase in seven weeks.

Data from the Labor Department showed today, July 31, that jobless claims for the week ended July 26 ticked up by 1,000 to 218,000, from last week’s reading of 217,000. This missed analyst expectations for a hike to 222,000 applications.

The four-week average of jobless claims —the most accurate gauge of the labor market performance — declined by 3,500 to 221,000, from the previous unadjusted week’s average of 224,500.

The slight increase in weekly jobless claims underscored a trend towards employee retention despite the uncertainty caused by US President Donald Trump’s trade policy.