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US initial jobless claims fall to 208,000 in latest week
The Labor Department also showed continuing claims slipping to 1.805 million, with the insured unemployment rate steady at 1.2%.
US initial jobless claims declined more than expected, reinforcing the view that the US labor market remains resilient even as broader economic activity moderates, according to figures from the Labor Department.
Seasonally adjusted initial claims fell by 8,000 to 208,000 for the week ended July 11, compared with market expectations of 218,000. The prior week’s figure was revised up slightly to 216,000, while the four-week moving average dropped by 4,750 to 214,250, pointing to subdued layoffs rather than week-to-week noise.
Continuing claims were also consistent with stability. In the week ended July 4, the number of Americans receiving unemployment benefits fell by 16,000 to 1.805 million, and the insured unemployment rate held at 1.2%, the report said.
The four-week average of continuing claims edged up marginally to 1.811 million, but the overall picture suggested workers losing jobs are generally able to find new employment without a significant deterioration in labor market conditions, the outlet added.