Weekly jobless claims fall to 227,000; lowest level since early July

Aug. 15 (UPI) -- People filing for unemployment benefits for the first time reached a seasonally adjusted 227,000 last week, a decrease of 7,000 from the previously revised week and the second straight reduction from the 2024 high two weeks ago, the Labor Department said on Thursday.

The total of initial jobless applications for the week ending Aug. 10 marked the lowest total in a month since 223,000 made their initial filing for unemployment insurance for the week ending July 6. Two weeks ago, 250,000 filed for the first time, setting a new high for 2024.

It also marked only the second time initial filings had dipped below 230,000 since early June.

The previous week's total of 233,000 making first-time unemployment benefit applications was revised upward by 1,000 per the Labor Department's Thursday report. The unemployment insurance report, which gives a snapshot of the workforce stability, had been as low as 194,000 applications a week in January.

The four-week moving average for first-time jobless benefit filings was 236,500, a decrease of 4,500 from the previous week's revised total, which bumped up to 241,000.

The overall number of people applying for unemployment benefits across the country for the week ending Aug. 3 was 1.864 million, a decrease of 7,000 from the previous week. The four-week moving average, however, increased 1,000 to 1.862 million, its highest level since Nov. 27, 2021, when it was 1.928 million.