U.S. jobless claims up, wage growth starting to push higher

The number of Americans filing new claims for unemployment benefits rose last week, but the underlying trend pointed to a continuing strengthening of labor market conditions. Other data on Thursday suggested a long-awaited acceleration in wage growth was imminent, with labor costs recording their largest increase in more than 5-1/2 years in the second quarter. Initial claims for state unemployment benefits increased 23,000 to a seasonally adjusted 302,000 for the week ended July 26, the Labor Department said. "Unemployment claims have come down a lot as of late and suggest that labor market conditions continue to improve," said Yelena Shulyatyeva, an economist at BNP Paribas in New York.

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