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(CEP News) - Initial claims for unemployment benefits in the United States rose more than expected to 406k in the week ending July 19, following an upwardly revised 372k in the previous week. Continuing claims fell back 9k to 3.107 million for the week ending July 12, the Department of Labor reported Thursday.
The consensus forecast was for initial claims to come in at 380k. The 34k rise in initial claims follows two weeks of lower-than-expected figures. Prior to that, claims had been above 380k for four consecutive weeks. This week's initial claims figure is well above the four-week moving average, which now stands 383k. The consensus forecast was for continuing claims to rise to 3.160 million following the previous week's downwardly revised figure of 3.116 million, which was initially reported at 3.122 million. The four-week moving average for continuing claims is now 3.134 million. By Patrick McGee,
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, edited by Nancy Girgis,
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