U.S. Jobless Claims Edged Higher to 260,000 Last Week By

© Reuters.

By Geoffrey Smith 

-- The slow rise in the number of U.S. people claiming jobless benefits continued last week, with initial claims edging back toward a seven-month high.

The Labor Department said initial claims rose to 260,000 from a downwardly revised 254,000 the previous week and just below 261,000 registered the week before, which was the highest number since January. The rolling four-week average for initial claims, which smooths out volatility in weekly figures, hit a nine-month high of 254,710.

The figures suggest that the cooling off visible in other labor market indicators - such as the Job Openings and Labor Turnover Survey for June that was published on Tuesday - is translating into a gradual rise in layoffs and unemployment, rather than an abrupt one. Continuing claims rose by more than expected to 1.416 million, their highest since March, suggesting that some, at least, are finding it harder to get a new job after losing their previous one.

Earlier, consultants Challenger reported that the number of layoffs in businesses that it tracks for its monthly survey had fallen in July after spiking in June to the highest level since early last year. At over 25,000, the Challenger Job Cuts number was still clearly higher than it has been for most of this year, and up 36% from a year earlier.

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