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Jobless claims increase unexpectedly

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Jobless claims increase unexpectedly

Increase of 21,000 misses analyst expectations.

The Labor Department today reported that seasonally-adjusted initial claims for unemployment insurance for the week ended August 9 were 311,000, an increase of 21,000 from the previous week's revised figure.

Analysts had expected claims to come in at 295,000.

The 4-week moving average, which smoothes out volatility to a certain extent, increased 2,000 to 295,750.

While last week’s increase was unexpected, it is unlikely to deter the widespread perception of a strengthening jobs market.

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