Initial filings for U.S. unemployment benefits nudged up modestly in the week ending July 26, according to data released Thursday by the Labor Department.
The number of new claims rose by 1,000 to reach 218,000, compared to the prior week’s unchanged figure of 217,000. Analysts had anticipated a higher jump to around 224,000 claims.
On a smoother trend basis, the Labor Department reported that the four-week moving average declined by 3,500 to 221,000 from 224,500 the week before.
In related economic news, the Commerce Department released a key inflation report on Thursday, showing consumer prices in the U.S. grew as expected during June.
The personal consumption expenditures (PCE) price index advanced by 0.3% last month, following a revised 0.2% rise in May.
This matched economists’ forecasts and reflected an upward revision from the initially reported 0.1% increase in May.
Year-over-year, the PCE price index accelerated to 2.6% in June, up from May’s revised 2.4%. Expectations had been for a rise to 2.5%, up from an earlier 2.3%.
The core PCE index, which excludes volatile food and energy costs, also increased 0.3% in June, matching forecasts and following a 0.2% gain in May.
On an annual basis, core inflation remained steady at 2.8% in June, consistent with the revised May figure, and in line with economists’ predictions.
This inflation data is closely monitored by the Federal Reserve as part of its assessment of price stability.
The Commerce Department report also noted that personal income grew 0.3% in June after a 0.4% decline in May, while personal spending rose 0.3% last month following flat growth in May.
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