First time unemployment filings fall by 2,000

Aug. 29 (UPI) -- First-time unemployment filings declined last week but Department of Labor daata released Thursday showed they remain at an elevated level.

Initial claims for unemployment benefits for the week ending Aug. 24 reached a seasonally adjusted 231,000, down 2,000 from the revised total last week.

The weekly snapshot of those filing for jobless benefits, which gives a glimpse of the workforce stability, is one of the key indicators the Federal Reserve watches in judging the health of the U.S. economy.

The total for first-time unemployment applications for the week before was revised up 1,000 to 233,000, according to the Labor Department. The latest total is 19,000 off the 2024 high of 250,000 filings during the week ending July 27.

The 231,000 filing for unemployment insurance last week still remains well above the 194,000 who filed back in January.

The four-week moving average for first-time applications was 231,500, a fall of 4,750 from the previous week's revised total of 236,250.

The overall number of people filing for unemployment benefits for the week ending Aug. 17 was 1.868 million, according to the Labor Department. That is an increase of 13,000 from the previous week's revised total, which was revised down by 8,000.

The four-week moving average of overall unemployment insurance filings was 1,863,250, a decrease of 250 from the previous week's revised total.