US Initial Jobless Claims Total 199,000, Slightly Below Forecast

US initial jobless claims came in slightly below market expectations last week.

The Labor Department said on Aug. 6 that initial jobless claims totaled 199,000 last week. That was 4,000 below economists’ forecast of 203,000 and 1,000 above the prior week’s revised 198,000.

Continuing claims, which reflect people receiving benefits for a second consecutive week, totaled 1.801 million. That was 24,000 above the prior week’s revised 1.777 million and 11,000 higher than the market forecast of 1.79 million.

Initial jobless claims are a gauge of conditions in the US labor market. Rising claims can be interpreted as a sign that an overheated labor market is cooling.