Weekly Jobless Claims Higher Than Expected

The number of Americans seeking initial unemployment benefits jumped by 33,000 to 385,000 in the week ended Aug. 4, up from a revised 352,000 for the previous week, the Labor Department said. Economists were expecting a smaller increase, to 373,000, for the latest week.

However, the four-week moving average of jobless claims, considered a more reliable indicator of the job market’s health, dropped to 380,000 from 396,000 the previous week, the lowest level since the March 31 week and the third straight decline.

Separately, the Labor Department said U.S. import prices dropped 1.6% last month, indicating that inflation from abroad was not making its way into the United States.

Petroleum import prices fell 6.1%, and non-petroleum import prices edged down 1%.

Export prices fell 0.4%, the sixth monthly decline in a row, as decreases in nonagricultural prices more than offset gains for agricultural prices and food, feed and beverages.