New applications for U.S. unemployment insurance benefits rose 14,000 for the week ending August 6 to a seasonally adjusted 262,000. The previous week’s figure was revised down from 260,000 to 248,000. The four-week moving average as of August 6 rose to 252,000 from a revised 247,500 as of the week ending July 30.
The number of continuing unemployment insurance claims, which refers to the number of unemployed workers who filed for benefits at least two weeks ago and are actively receiving unemployment benefits, rose 8,000 from the previous week’s revised number to a seasonally adjusted 1.428 million for the week ending July 30. Reporting for continuing claims lags one week.
Unemployment insurance is a joint federal and state program that provides temporary monetary benefits to eligible laid-off workers who are actively seeking new employment. Qualifying individuals receive unemployment compensation as a percentage of their lost wages in the form of weekly cash benefits while they search for new employment.
The federal government oversees the general administration of state unemployment insurance programs. The states control the specific features of their unemployment insurance programs, such as eligibility requirements and length of benefits.
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