In the week ending August 16, the advance figure for seasonally adjusted initial claims for unemployment insurance decreased to 298,000 from 312,000 the week prior. The four-week moving average, a less volatile gauge of underlying labor market conditions, increased to nearly 301,000, slightly higher than the previous week's four-week moving average of 296,000. Claims have been fairly low for the past 10 weeks, averaging just over 303,000, less than the 341,000 figure seen in the 10-week period ending this time last year and significantly less than the recessionary average of 488,000.
