US jobless claims decline to 208,000, below forecasts
Initial claims decreased by 8,000 to 208,000 in the week ended July 11
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[WASHINGTON] Applications for US unemployment benefits fell last week, suggesting the labour market remains stable.
Initial claims decreased by 8,000 to 208,000 in the week ended July 11, according to Labor Department Data released on Thursday (Jul 16). The median forecast in a Bloomberg survey of economists called for 217,000 applications.
Continuing claims, a proxy for the number of people receiving benefits, dropped to 1.81 million in the previous week, also lower than expected.
New filings have fallen back to historically subdued levels after spiking in May and early June. Meanwhile, the unemployment rate declined last month, adding to evidence that employers are holding onto their workers.
The four-week moving average of initial applications, a metric that helps smooth out volatility, fell to 214,250 last week.
Before adjusting for seasonal factors, new claims rose to 244,826 – led by California and Missouri. BLOOMBERG
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