U.S. labor market still strong; mid-Atlantic factory activity rebounds

WASHINGTON (Reuters) – The number of Americans filing applications for unemployment benefits increased moderately last week, pointing to still strong labor market conditions despite signs that economic activity was slowing. FILE PHOTO: Job seekers and recruiters gather at TechFair in Los Angeles, California, U.S. March 8, 2018. REUTERS/Monica AlmeidaOther data on Thursday showed factory activity…

U.S. labor market still strong; mid-Atlantic factory activity rebounds

WASHINGTON (Reuters) – The number of Americans filing applications for unemployment benefits increased moderately last week, pointing to still strong labor market conditions despite signs that economic activity was slowing. FILE PHOTO: Job seekers and recruiters gather at TechFair in Los Angeles, California, U.S. March 8, 2018. REUTERS/Monica AlmeidaOther data on Thursday showed factory activity in the mid-Atlantic region rebounded sharply in July, offering hope for a struggling manufacturing sector. Initial claims for state unemployment benefits rose 8,000 to a seasonally adjusted 216,000 for the week ended July 13, the Labor Department said, putting them in the middle of their 193,000-230,000 range for this year. Data for the prior week was revised to show 1,000 fewer applications received than previously reported. Last week’s increase in claims was in line with economists’ expectations. The four-week moving average of initial claims, considered a better measure of labor market trends as it irons out week-to-week volatility, dipped 250 to 218,750 last week. The Labor Department said no claims were estimated last week. The claims data tends to be volatile around this time of the year because of summer factory closures, especially in the automobile industry, which occur at different periods. This can throw off the model the government uses to strip out seasonal fluctuations from the data. Layoffs remain low d
Read More From Publisher