Investing.com - The number of people who filed for unemployment assistance in the U.S. fell more-than-expected last week to hit the lowest level since October 2007, official data showed on Thursday.
In a report, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending August 9 fell by 15,000 to a seasonally adjusted 320,000.
Jobless claims for the preceding week were revised up to a gain of 335,000, from a previously reported 333,000.
Analysts had expected U.S. jobless claims to hold steady at 335,000 last week.
Continuing jobless claims in the week ended August 3 fell to 2.969 million. Analysts had expected continuing claims to decline to 3.000 million from last week’s figure of 3.023 million.
The four-week moving average was 332,000, a decline of 4,000 from the previous week's revised average of 336,000.
The monthly average is seen as a more accurate gauge of labor trends because it reduces volatility in the week-to-week data.
Following the release of the data, the U.S. dollar trimmed losses against the euro, with EUR/USD adding 0.04% to trade at 1.3261.
Meanwhile, the outlook for U.S. equity markets added to losses. The Dow Jones Industrial Average futures indicated a loss of 0.85% at the open, S&P 500 futures pointed to a decline of 0.9% and Nasdaq 100 futures indicated a drop of 1%.
In a report, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending August 9 fell by 15,000 to a seasonally adjusted 320,000.
Jobless claims for the preceding week were revised up to a gain of 335,000, from a previously reported 333,000.
Analysts had expected U.S. jobless claims to hold steady at 335,000 last week.
Continuing jobless claims in the week ended August 3 fell to 2.969 million. Analysts had expected continuing claims to decline to 3.000 million from last week’s figure of 3.023 million.
The four-week moving average was 332,000, a decline of 4,000 from the previous week's revised average of 336,000.
The monthly average is seen as a more accurate gauge of labor trends because it reduces volatility in the week-to-week data.
Following the release of the data, the U.S. dollar trimmed losses against the euro, with EUR/USD adding 0.04% to trade at 1.3261.
Meanwhile, the outlook for U.S. equity markets added to losses. The Dow Jones Industrial Average futures indicated a loss of 0.85% at the open, S&P 500 futures pointed to a decline of 0.9% and Nasdaq 100 futures indicated a drop of 1%.