Latest data show unemployment claims down

Initial unemployment claims were 289,000 for the week ended Aug. 2, a decrease of 14,000 from the previous week, according to data released yesterday by the U.S. Department of Labor.

The prior week's level was revised up by 1,000 from 302,000 to 303,000, according to an Aug. 8 news release.

The latest data brings the four-week rolling average of initial claims to 293,500, a drop of 4,000 from the previous week's revised average. The latest decrease brings the average to its lowest point since Feb. 25, 2006, when it was 290,750, according to the DOL.

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

The U.S. Bureau of Labor Statistics last week reported the most recent unemployment rate for the nation was 6.2 percent in July, representing a slight increase from 6.1 percent in June, according to Springfield Business Journal archives.