By Greg Robb
WASHINGTON (MarketWatch) -- The number of people applying for initial state unemployment insurance benefits rose 37,000 to 464,000 in the week ended July 17, the Labor Department reported Thursday. Economists surveyed by MarketWatch had expected an initial claims level of 450,000. The four-week average of initial claims - a better gauge of employment trends than the volatile weekly number - rose 1,250 to 456,000. Continuing claims in the week ended July 10 fell 223,000 to 4.49 million. Recent volatility in this number is due to seasonal adjustment issues, according to the Labor Department. The four-week average of these continuing claims fell 21,500to 4.57 million. A federal extension of benefits has expired, and an estimated 2.5 million people will have been cut off from benefits by July 17. Congress is still working on a new extension that could be approved in coming days. The Senate on Wednesday voted to extend federal unemployment until the end of November. The measure goes to the House on Thursday.
