Jobless claims fall
Government report shows 336,000 filed for first time benefits, less than week earlier and forecasts.
August 5, 2004: 9:08 AM EDT
NEW YORK (CNN/Money) - The number of people filing for initial jobless claims declined last week, according to a government report Thursday, with fewer filings than analysts expected.
The Labor Department reported that 336,000 filed for first time jobless benefits in the week ended July 31. That's down from the revised reading of 347,000 who filed the previous week. Economists surveyed by Briefing.com forecast 340,000 would be filing for assistance.
The four-week moving average for initial filings was 343,500, an increase of 6,750 from the previous week's revised average of 336,750.
The report comes the day before the much anticipated July employment report and ahead of Tuesday's meeting of the Federal Open Market Committee, which sets short-term interest rates for the nation's central bank.
Economists surveyed by Briefing.com forecast that the July employment report will rebound from a disappointing June reading to show 243,000 jobs added to U.S. payrolls, with the unemployment rate staying unchanged at 5.6 percent. The June report showed only 112,000 jobs added, less than half the 250,000 forecast at that time.
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