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Weekly jobless claims increase

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Weekly jobless claims increase

But claims level beats expectations.

The Labor Department today reported that seasonally-adjusted initial claims for unemployment insurance for the week ended August 27 were 263,000, an increase of 2,000 from the previous week's figure.  

Analysts had expected claims to come in at 265,000.

The 4-week moving average, which smoothes out volatility to a certain extent, decreased 1,000 to 263,000.

Claims overall have stayed below the 300,000 level for 78 consecutive weeks, which indicates a strong labor market in the US, despite what appears to be a slowdown in economic growth in the US and globally.

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