Jobless claims edge downward
Jobless claims edged down for the week ending July 30, with 400,000 claims filed by the unemployed, compared to the previous week's revised figure of 401,000, according to the U.S. Department of Labor. Analysts with Econoday said the slight drop is in line with expectations and should have no impact on Thursday's financial markets. The firm explained a slight tilt downward suggests the jobs market is improving, but advised the "government cites no special factors in this report which may be a surprise given questions over the government shutdown in Minnesota, seasonal retooling in the auto sector, and the partial shutdown of the Federal Aviation Adminstration." Automatic Data Processing Inc. said nonfarm private payrolls increased by 114,000 jobs in July on a seasonally adjusted basis. That's lower than the revised 145,000 for June, which was down from the 157,000 previously reported. The payroll giant conducts the monthly survey, which excludes federal jobs, in conjunction with Macroeconomic Advisers. Write to Kerri Panchuk.