US Jobless Claims Fall to 2-Month Low


The number of Americans filling for unemployment benefits decreased by 18 thousand to 214 thousand in the week ending July 7 from the previous week's upwardly revised level of 232 thousand. It was the lowest reading since the week ending May 5 and surprised markets which had expected a smaller decline to 225 thousand. Yet, last week's data included the Independence Day holiday, which this year fell on a Wednesday. It probably reflects volatility around such holidays.

The 4-week moving average was 223,000, a decrease of 1,750 from the previous week's revised average. The previous week's average was revised up by 250 from 224,500 to 224,750.

According to unadjusted data, the largest declines in claims were reported in California (-4,797), New Jersey (-3,615), Massachusetts (-2,588), Connecticut (-2,015) and Kentucky (-1,608) while the biggest increases were seen in New York (+15,306) and Michigan (+9,132). Claims rose in Puerto Rico (+1,142) and Virgin Islands (+4).

The advance seasonally adjusted insured unemployment rate was 1.2 percent for the week ending June 30, unchanged from the previous week's unrevised rate. 

Continuing claims during the week ending June 30 were 1,739,000, a decrease of 3,000 from the previous week's upwardly revised level of 1,742,000. Figures came above market expectations of 1,720,000. The 4-week moving average was 1,728,500, an increase of 9,500 from the previous week's revised average. The previous week's average was revised up by 750 from 1,718,250 to 1,719,000. 

US Jobless Claims Fall to 2-Month Low


DOL | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
7/12/2018 1:53:37 PM