(Reuters) – The number of Americans filing new claims for unemployment benefits rose for a second straight week, indicating a further slowdown in the labor market despite still-tight conditions as the Federal Reserve tries to ease demand to help. to tame inflation.
Initial claims for unemployment benefits rose by 14,000 to 262,000 in the week ended Aug. 6, the Labor Department said on Thursday. Economists polled by Reuters had forecast 263,000 claims for the last week.
The reading is still below the 270,000-300,000 range that economists say would signal a material slowdown in the labor market.
The number of people receiving aid after an initial week of aid rose by 8,000 to 1.428 million during the week ending July 30. This is a measure for hiring.
The US economy unexpectedly contracted in the second quarter, with consumer spending growing at its slowest pace in two years and business spending slowing. The second straight quarterly decline in Gross Domestic Product largely reflected a more moderate pace of inventories by companies, as overall job gains remained strong.
(Reporting by Lindsay Dunsmuir)
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