US Initial Jobless Claims Fall Slightly

U.S. initial jobless claims slipped last week, but re-employment opportunities for the unemployed are becoming scarce, suggesting that the unemployment rate may remain high in August. Initial jobless claims fell by 2,000 to a seasonally adjusted 231,000 for the week ended Aug. 24, data released Thursday showed. Economists surveyed had previously expected initial jobless claims to come in at 232,000 last week. Initial jobless claims fell from an 11-month high at the end of July as temporary shutdowns at auto plants and the effects of Hurricane Beryl receded. They remain at levels consistent with a steady cooling of the labor market, which should help ease concerns about a rapidly deteriorating economy.