Labor market sees low week average
August 3, 2005
The number of people filing first-time unemployment claims in the United States was down by 1,000 last week, according to Labor Department statistics.
First-time jobless claims fell to 312,000 in the week that ended July 30. 315,000 new claims had been expected. Meanwhile, the four-week average for first-time claims fell to 316,750, down from an average of 319,000 the previous week.
It was the lowest four-week average since February. Analysis by the Labor Department laid the decrease to a decline in the number of layoffs in the automotive sector, in sectors related to the auto industry, and in other categories of manufacturing.
In another positive sign for the labor market, individuals staying on the unemployment rolls after having received one week’s benefits was down 18,000 to 2.58 million in the week ending July 23, the most recent week’s figures that are available.
The Labor Department will release it’s July report on employment on Friday. That report is expected to show that the unemployment rate has stayed steady at 5 percent.