Market Consensus before announcement Initial jobless claims rose 21,000 in the August 9 week to 311,000 which was the highest level since late June. But the 4-week average, though rising 2,000 to 295,750, was still nearly 15,000 below a month ago in a comparison that hints at improvement for the monthly employment report. Continuing claims data, which lag by a week, rose 25,000 in the August 2 week to 2.544 million with the 4-week average up 9,000 to 2.528 million. But here too, the month-ago comparison is favorable showing a decrease of more than 30,000.DefinitionNew unemployment claims are compiled weekly to show the number of individuals who filed for unemployment insurance for the first time. An increasing (decreasing) trend suggests a deteriorating (improving) labor market. The four-week moving average of new claims smoothes out weekly volatility.