Number of Americans applying for jobless aid rises, but not enough to cause concern

[BumRushDaShow]

Source: ABC News/AP

The number of Americans applying for jobless benefits jumped last week, but not enough to raise concern about the consistently strong U.S. labor market.

U.S. applications for unemployment benefits rose by 21,000 to 248,000 for the week ending August 5, from 227,000 the week before, the Labor Department reported Thursday. That’s the most in five weeks.

The four-week moving average of claims, a less volatile reading, ticked up by 2,750 to 228,250.

Jobless claim applications are viewed as broadly representative of the number of layoffs in a given week. Applications for jobless aid reached a higher level above 260,000 for a few weeks this spring, causing some concern, but then retreated.

Read more: https://abcnews.go.com/Business/wireStory/number-americans-applying-jobless-aid-rises-cause-concern-102162850

[BlueIn_W_Pa]

1. I always thought the unemployment rate should be changed

to U6, and not U3. It more accurately reflects the need for work, and it's 7.1% now. Under U3, if you have worked an hour, you're employed.

"The U-3 unemployment rate is the most commonly reported rate in the U.S., representing the number of unemployed people actively seeking a job. U-6 Unemployment is all unemployed, marginally attached and part-time for economic reasons individuals as a percent of the civillian labor force plus all marginally attached workers."