In the week ending Aug. 6, the advance figure for seasonally adjusted initial claims was 308,000, a decrease of 6,000 from the previous week's revised figure of 314,000. The 4-week moving average was 309,250, a decrease of 7,250 from the previous week's revised average of 316,500.

The advance seasonally adjusted insured unemployment rate was 2.0 percent for the week ending July 30, unchanged from the prior week's unrevised rate of 2.0 percent.

The advance number for seasonally adjusted insured unemployment during the week ending July 30 was 2,573,000, a decrease of 8,000 from the preceding week's unrevised level of 2,581,000. The 4-week moving average was 2,582,000, a decrease of 11,000 from the preceding week's revised average of 2,593,000.


UNADJUSTED DATA

The advance number of actual initial claims under state programs, unadjusted, totaled 267,461 in the week ending Aug. 6, an increase of 5,819 from the previous week. There were 291,611 initial claims in the comparable week in 2004.

The advance unadjusted insured unemployment rate was 1.9 percent during the week ending July 30, a decrease of 0.1 percentage point from the prior week. The advance unadjusted number for persons claiming UI benefits in state programs totaled 2,475,224, a decrease of 33,668 from the preceding week. A year earlier, the rate was 2.2 percent and the volume was 2,755,373.
Extended benefits were not available in any state during the week ending July 23.

Initial claims for UI benefits by former Federal civilian employees totaled 1,670 in the week ending July 30, an increase of 151 from the prior week. There were 1,984 initial claims by newly discharged veterans, a decrease of 61 from the preceding week.

There were 16,569 former Federal civilian employees claiming UI benefits for the week ending July 23, an increase of 424 from the previous week. Newly discharged veterans claiming benefits totaled 29,951, an increase of 1,378 from the prior week.

The highest insured unemployment rates in the week ending July 23 were in Michigan (3.3 percent), Alaska (3.2), New Jersey (3.0), Pennsylvania (3.0), Rhode Island (2.8), Oregon (2.7), Arkansas (2.5), Connecticut (2.5), Massachusetts (2.4), California (2.3), New York (2.3), and Wisconsin (2.3).

The largest increases in initial claims for the week ending July 30 were in Washington (+428), Arkansas (+350), Maine (+186), Idaho (+158), and New Mexico (+55), while the largest decreases were in North Carolina (-6,263), Tennessee (-2,737), Georgia (-2,643), Puerto Rico (-1,751), and Missouri (-1,749).

INTERNATIONAL MARKET NEWS

Asian-Pacific markets closed broadly in the positive territory with the Nikkei hitting a top trading level in four years of 1.37% on optimism for the Japanese economy and reduced political concerns. The banking stocks led the rally, followed by brokerages, real estates and oil issues as ongoing concerns over conflicts in the Middle East lifted oil to a new intraday record of $65 a barrel. In the regional markets, Shanghai Composite climbed 1.6% and South Korea’s Kospi rose 1.7%. The dollar traded at 110.34 yen in early Tokyo trading.

European stocks closed down, reflecting record-high crude-oil prices of over $65 a barrel, corporate news and economic data. The German DAX 30 declined 0.7%, the French CAC 40 fell 0.4%, while London’s FTSE performed slightly better than the other regional markets, down 0.35%, as oil majors benefited from rising prices.

ENERGY, METALS AND CURRENCIES MARKETS

Crude-oil soared to a new peak of $66 a barrel, reflecting Iran’s international relations, the hurricane season and refinery problems. U.S. light sweet crude gained $1 to trade at $65.90 after hitting $66 a barrel. London Brent advanced $1.55 to $65.54 after striking $65.66.

The U.S. dollar lost ground against the other major currencies on better-than-anticipated July retail sales and ahead of report, expected to show U.S. trade deficiency. In mid-day NY trading the euro was quoted at $1.2437. The greenback bought 109.86 yen. The British pound stood at $1.8071.

Gold futures advanced as the U.S. dollar declined against its major counterparts. Gold in London closed at $441.55 per troy ounce, up from $436.10.Gold was up $2.70 in Hong Kong to close at $438.35. Silver closed at $7.09, down vs. $7.04.

EARNINGS NEWS

Creative Technology Ltd. (CREAF: chart), Singapore-based digital entertainment company, reported a 4Q net loss of 38 cents a share vs. net earnings of 8 cents a share a year earlier, blaming the quarterly loss on the lower-than-expected selling prices for MP3 players and inventory write-downs. Net sales rose to $305.4 million vs. $201.8 million last year.