US initial jobless claims falls to 233,000, lower than expected

The number of people filed their initial claim for unemployment insurance benefits in the US fell to 233,000 in the week ending August 3, which was 17,000 lower compared to the previous week on a seasonally adjusted basis, the US Labor Department reported Thursday. The market estimate compiled by Dow Jones was 240,000.

• With the initial jobless claim less than expected, it serves as a small relief to investor who feared the US economy have already entered a sharp downturn following a much-weaker-than-expected nonfarm payroll reading in July.
• S&P 500 index rose more than 1.5% in early trading Thursday.

Insured unemployment, which gauge the share of people covered by unemployment insurance that are currently receiving the benefits, remained at 1.2% for the ending July 27.

Continued unemployment insurance claims, the total number of people who received the benefit for more than a week, increased 6,000 to 1.875 million in the week ending July 27, highest level since late November 2021.