The jobs market’s progress appeared to stall last week.
New claims for unemployment benefits soared by 51,000 to 419,000 for the week ended July 17, the Department of Labor said Thursday.
Economists had forecast 350,000 new claims, a decline of 10,000 from the previous week’s initial estimate of 360,000. That estimate was revised up to 368,000.
The four-week moving average, which smoothes out week-to-week volatility and is considered by many to be a more reliable gauge of the health of the labor market, rose by 750 to 385,250.