WASHINGTON, (Pakistan Point News - 11th August, 2016) : US weekly unemployment claims recorded a marginal decline in the first week of August, continuing a streak of low levels not seen in nearly 50 years. Initial claims for unemployment fell to 266,000, down 1,000 from the prior week's revised level, according to the Labor Department. The result met analyst expectations exactly. The four-week moving average was 262,750, up 3,000 claims from the prior week.
Claims for unemployment benefits are used as a gauge of the prevalence of layoffs. According to the Labor Department, claims have remained below 300,000 for 75 consecutive weeks, a streak not seen since 1970. The US jobs market in recent months has shown robust health, with the US economy adding more than a quarter million jobs in July, according to government figures. But other economic indicators have sent mixed messages, with growth and productivity either lackluster or declining.