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(CEP News) - Initial claims for unemployment benefits in the United States climbed to 448,000 in the week ending July 26, following a downwardly revised reading of 404K in the previous week. Continuing claims rose to 3,282 million for the week ending July 19, the Department of Labor reported Thursday.
Forecasts were for initial claims to come in at 393k. This week's figure is above the four-week moving average for initial claims, which is now 393k. Initial claims are expected to continue to climb in the face of deterioration in payroll numbers and higher unemployment figures, economists say. This is the third consecutive week that the continuing claims have been above the 3 million mark. The four-week moving average is now 3,174 million, up from the moving average of 3,131 million in the previous week. By Steve Stecyk,
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, edited by Stephen Huebl,
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