Jobless Claims: Another Uptick

Bottom Line:  Claims rose for the second time in six weeks, rebounding to nearly 250k. The reading was well above the average of the last four weeks but still below the highs seen in June. Claims in Ohio jumped slightly more than in other states, but for the most part, there were few state-level aberrations. And seasonal adjustments are modest at this time of year. For now, this report won't change the trend. The labor market remains tight. But we are watching this jump closely -- follow through on the increases in the next few weeks could signal a notable weakening in labor markets.Initial Jobless Claims ROSE 21k in the week ended August 5th to 248k, ABOVE the 4-week average of 231k, ABOVE the 13-week average of 240.38462k and 34k ABOVE the year-ago level.Continuing Claims FELL -8k in the week ended July 29th to 1.684M, BELOW the 4-week average of 1.701M, BELOW the 13-week average of 1.742M but 332k ABOVE the year-ago level.