By Jeffry Bartash
WASHINGTON (MarketWatch) - The number of people who applied for new unemployment benefits fell by 19,000 to a seasonally adjusted 326,000 in the week ended July 27, marking the lowest level since January 2008, the government said Thursday. Economists surveyed by MarketWatch expected claims to total 345,000 on a seasonally adjusted basis. The claims data, however, often jumps up and down in July because of big seasonal changes in employment in the auto industry and education sector. Wall Street tends to give the weekly report less sway until those seasonal effects fade later in August. The average of new claims over the past month, a more reliable gauge than the volatile weekly number, fell by a smaller 4,500 to 341,250, the U.S. Labor Department said. That was the lowest level in 10 weeks and just shy of a five-year low. Also, the government said continuing claims decreased by 52,000 to a seasonally adjusted 2.95 million in the week ended July 20. Continuing claims reflect the number of people already receiving benefits. Initial claims from two weeks ago, meanwhile, were revised up to 345,000 from an original reading of 343,000, based on more complete data collected at the state level.
