US jobless claims rise less than expected

The number of Americans filing claims for unemployment benefits rose in the week ending July 25, but the pace of layoffs remains low compared to historical levels.

The number of applications was expected to reach 201,000, while the actual figure was 197,000, compared to 188,000 in the previous week, which was revised upward by 1,000, according to the US Labor Department report released Thursday.

Weekly jobless claims are a leading indicator of the rate of job losses in the US and provide a near-instant indication of the state of the labor market.

This increase partially offset the sharp decline in claims the previous week, when they fell to their lowest level since late 1969.

Unemployment claims typically fluctuate significantly during July, as automakers temporarily halt production for annual maintenance and line retooling.