US initial jobless claims rose by 14,000 last week to a level of 262,000, the US Department of Labor reported today.
However, the previous week’s level was revised downward by 12,000.
Business Standard reported economists polled by Reuters had forecast 263,000 applications for the latest week.
The four-week moving average of claims rose by 4,500 in the week ended Aug. 6 to a total of 252,000. The previous week’s average was revised downward by 7,250.
Separately, the consumer price index for urban consumers remained unchanged in July compared to June, the US Bureau of Labor Statistics reported Wednesday.
The index rose 8.5% year over year in July, down from 9.1% in June.
The cooling of headline inflation will certainly be welcome at the Federal Reserve, but economists caution the Fed wants to see more months like this and that officials are also focusing on core prices, Market Watch reported.
“The July CPI report might be the first clear indication that consumers are pushing back against high inflation in response to tighter monetary policy. It’s a sign that inflation is close to peaking, though the climb down the mountain will be slow due to rising wages and rents,” Sal Guatieri, senior economist at BMO Capital Markets, told MarketWatch.