Initial jobless claims increase slightly

The number of newly laid off people signing up for jobless benefits rose last week.

The Labor Department reported Thursday that new applications filed for unemployment insurance increased by a seasonally adjusted 7,000, to 316,000 for the week that ended Aug. 4.

The increase left claims at their highest point since late June.

Economists were predicting that claims would be lower, around 310,000 for last week.

Still, claims are lower now than they were a year ago, when they stood at 319,000.

The four-week moving average of new claims, which smooths out week-to-week volatility, rose last week to 307,750, an increase of 1,750 from the prior week.

It was the highest level since July 21.

The number of people continuing to collect unemployment benefits went up 39,000 to 2.56 million for the workweek that ended July 28, the most recent period for which this information is available.