In the week ending August 2, the advance figure for seasonally adjusted initial claims for unemployment insurance decreased to 289,000 from 303,000 the week prior. The four-week moving average, a less volatile gauge of underlying labor market conditions, was down to nearly 294,000, the lowest level for this average since February 25, 2006, when it was shy of 291,000. Claims have been fairly low for the past 10 weeks, averaging just over 305,000, less than the 344,000 figure seen in the 10-week period ending this time last year and significantly less than the recessionary average of 483,000.
