US initial jobless claims drop to 221,000

(Sharecast News) - Americans lined up for unemployment benefits at a decelerated pace in the week ended 12 July, according to the Labor Department. Initial jobless claims fell by 7,000 to 221,000, well below market expectations of a rise to 235,000 for the lowest number of new claims since April.

Outstanding claims were little changed at 1.95m, below market expectations of 1.97m to remain below four-year highs seen in June, while the four-week moving average increased by 4,750 to 1.95m, the highest level since November 2021.

The advance seasonally adjusted insured unemployment rate was 1.3% for the week ended 5 July.





Reporting by Iain Gilbert at Sharecast.com