New claims for jobless benefits fall for third time in past month
New jobless claims fell last week for the third time in four weeks but remain elevated. The decline is a sign that the economy likely added jobs in July, although not enough to lower the nation’s unemployment rate.
First-time claims for unemployment insurance dropped by 11,000 to a seasonally adjusted 457,000, the Labor Department said. Claims have fluctuated this month because of temporary seasonal factors. Some manufacturers have skipped their traditional summer shutdowns, which led to fewer layoffs and unemployment claims.