New claims for unemployment benefits soared by 51,000 to 419,000 for the week ended July 17, the Department of Labor said Thursday.

Economists had forecast 350,000 new claims, a decline of 10,000 from the previous week’s initial estimate of 360,000. That estimate was revised up to 368,000.

The four-week moving average, which smoothes out week-to-week volatility and is considered by many to be a more reliable gauge of the health of the labor market, rose by 750 to 385,250.

 

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