11:52 AM EDT, 08/15/2024 (MT Newswires) -- Weekly applications for unemployment insurance in the US unexpectedly declined, while the four-week moving average for continuing claims remained at the highest level since November 2021, the Department of Labor said Thursday.

The seasonally adjusted number of initial claims decreased by 7,000 to 227,000 in the week ended Aug. 10, its lowest level since July 6, government data showed. The consensus was for a 235,000 level in a survey of analysts compiled by Bloomberg. The previous week's reading was revised up by 1,000 to 234,000.

The four-week moving average came in at 236,500, down by 4,500 from the prior average that was revised upwards by 250. Unadjusted claims fell by 4,500 on a weekly basis to 199,530.

For the week ended Aug. 3, seasonally adjusted continuing claims totaled 1.86 million, below the Bloomberg consensus for 1.87 million. Continuing claims dropped by 7,000 from the previous week's level that was revised down by 4,000. The four-week moving average advanced to its highest level since Nov. 27, 2021, at 1.86 million, gaining 1,000 from the prior week's downwardly revised average, according to the DOL.

New Jersey saw the highest increase in initial claims for the week ended Aug. 3 at 1,080, followed by California and Wisconsin. The largest decrease was in Michigan, where claims declined by 7,430, followed by Texas and Missouri.

Earlier this month, the Bureau of Labor Statistics reported that the US economy added 114,000 jobs in July, compared with market expectations for a 175,000 gain. The unemployment rate increased to 4.3% from June's 4.1%, which was the consensus for last month.