U.S. weekly jobless claims rise to 209,000, above forecasts

Number collecting jobless benefits drops to 1.78 million

The U.S. Department of Labor reported Thursday that 209,000 people filed initial applications for unemployment benefits last week, up from a revised 200,000 the week before and above the 205,000 that forecasters had expected. The four-week moving average of claims, which smooths out week-to-week volatility, was unchanged at 199,000.

The number of people already collecting unemployment benefits — a separate, lagging count — dropped by 22,000 to 1.78 million for the week that ended Aug. 1, the department said.

Initial applications for unemployment benefits are tracked as a proxy for layoffs. They have run in a historically low band of around 200,000 to 230,000 a week for the past year, a pattern the report said suggests that Americans who have jobs enjoy unusual job security.

The broader U.S. unemployment rate stood at 4.1%, a level the wire report described as low. The report noted that the U.S. economy “has proven resilient despite a spike in energy prices caused by the fighting with Iran.”