By Robert Schroeder, MarketWatch
WASHINGTON (MarketWatch) -- First-time claims for state unemployment benefits bounced higher in the latest week, rising by 30,000 to 554,000, the Labor Department reported Thursday.
The rebound in weekly claims reflected ongoing volatility in the data due to automobile-industry layoffs, a department spokesman said.
The four-week moving average of initial claims, a measure of the underlying trend, fell by 19,000 to 566,000. It was the lowest level for the four-week average since late January.
Continuing claims for unemployment benefits fell during the week ending July 11, by 88,000 to 6.22 million.
Analysts surveyed by MarketWatch were expecting weekly claims to rise to 575,000 for the week ending July 18. See Economic Calendar.
The insured unemployment rate, which represents the portion of all workers covered by unemployment insurance who are collecting benefits, remained at 4.7%.
Initial claims are still high above the 325,000 that analysts say are consistent with a healthy labor market.
