Critical data expected by US markets released

The U.S. Department of Labor released its weekly data on unemployment claims.

According to the report, the number of people filing for unemployment benefits for the first time decreased by 17,000 from the previous week, dropping to 233,000.

Market expectations had anticipated that the number of claims would be 241,000.

The previous week's figure for unemployment claims was revised up from 249,000 to 250,000.

Unemployment Claims Data May Ease Concerns

As of last week, the four-week moving average of unemployment claims rose by 2,500 to 240,750.

The number of continuing unemployment claims, which includes those already receiving benefits, increased by 6,000 to 1.875 million in the week ending July 27.

Analysts noted that the decline in unemployment claims might alleviate some concerns about the labor market, especially after last week’s weak employment data, which heightened recession fears.