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US jobless claims stay near historic lows despite softer hiring momentum
Initial claims rose to 199,000 for the week ended August 1, while continuing claims increased to 1.801 million and the insured unemployment rate held at 1.2%.
US initial jobless claims remained near historically low levels in the latest week, reinforcing the view that layoffs are still limited even as hiring momentum cools. Action Forex reported that initial claims edged up by 1,000 to 199,000 in the week ended August 1, slightly below market expectations of 203,000.
The previous week’s figure was revised up to 198,000, and the four-week moving average fell to 198,750, suggesting broadly stable underlying labor market conditions. Continuing claims rose by 24,000 to 1.801 million in the week ended July 25, while the insured unemployment rate stayed unchanged at 1.2%.
Action Forex said the increase in continuing claims points to unemployed workers taking longer to find new jobs, but the overall level remains consistent with a gradual cooling rather than an abrupt weakening. The report also linked the data to a broader “low-hire, low-fire” environment, citing softer signals from ADP employment and the ISM Services Employment Index.
Overall, the weekly claims data suggested employers are still reluctant to shed workers, according to Action Forex, even as other labor market indicators point to slower hiring.