US weekly jobless claims rise against expectations

The number of Americans filing new claims for unemployment benefits rose more than expected to the highest level in nearly a year for the week ended July 3, on higher claims filed in Texas following the Hurricane Beryl.

Labor Department data, released today, July 18, showed jobless claims rose by 20,000 to 243,000 applications for the same week.

The count was expected to soar to 230,000 applications, from the previous week’s reading that was revised upward by 1,000 to 223,000 applications.

In addition, the four-week moving average for new claims, a better measure of labor market trends as it irons out weekly fluctuations, saw a 1,000 uptick to 234,750 applications, from last week's revised average of 233,750.