U.S. initial jobless claims fall to 208,000, labor market resilience exceeds expectations
For the week ending July 11, initial jobless claims decreased by 8,000 to 208,000. The median forecast in a survey of economists was 217,000.
According to Zhitong Finance APP, the number of people applying for unemployment benefits in the United States declined last week, indicating that the labor market remains stable. Data released by the US Department of Labor on Thursday showed that for the week ending July 11, initial jobless claims fell by 8,000 to 208,000. The median forecast of economists surveyed was 217,000.
The number of continuing unemployment claims, which measures the total number of people continuing to receive unemployment benefits, dropped to 1.81 million in the previous week, also below expectations.
After surging in May and early June, new applications have returned to historically low levels. Meanwhile, last month’s unemployment rate declined, further indicating that employers are retaining their workers.
US initial unemployment claims show slight decline
Last week, the four-week moving average for initial jobless claims, which helps smooth out weekly fluctuations, dropped to 214,250.
Economist Stuart Paul stated, "Layoffs have had a minimal impact on the unemployment rate. However, we are still reluctant to place too much emphasis on unemployment claims, as the data can fluctuate significantly and may lose some reference value during the summer."
Before seasonal adjustments, unadjusted initial jobless claims rose to 244,826, with California and Missouri showing the most notable increases.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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