US jobless claims see lower-than-projected decline

Initial claims for US unemployment benefits declined by 2,000 to 231,000 applications in the week ended Aug. 24.

This missed forecasts for a larger drop to 230,000 in initial jobless claims, compared to the previous week’s reading, which was revised upwards by 1,000 to 233,000 applications.

Likewise, the four-week moving average for new claims, a better measure of labor market trends as it irons out weekly fluctuations, shed 4,750 to 231,500 applications, versus last week’s revised-upward average of 236,250.