Initial unemployment claims rise

Initial unemployment claims rose to 311,000 for the week ended Aug. 9, according to data released yesterday by the U.S. Department of Labor.

The latest information shows an increase of 21,000 initial claims compared to the previous week's revised level of 290,000, according to a news release.

Data from last week brings the department's four-week moving average on initial claim totals to 295,750, up 2,000 from the previous week's revised average.

The Labor Department defines an initial claim as one filed by an unemployed individual after separating from an employer. The claims are considered a leading economic indicator because they point to emerging labor market conditions in the country, according to the release.