Initial Unemployment Claims Fall Below Expectations
New data from the U.S. Labor Department showed an unexpected decline in first-time applications for unemployment benefits during the week ended July 4, pointing to continued resilience in the labour market.
Initial jobless claims fell by 2,000 to 215,000 from the previous week’s revised total of 217,000.
Economists had anticipated claims would increase to 219,000, compared with the original estimate of 215,000 for the prior week.
Four-Week Average Also Moves Lower
The less volatile four-week moving average also declined, suggesting underlying labour market conditions remain stable.
According to the Labor Department, the average fell by 3,750 to 218,750 from the revised figure of 222,500 recorded a week earlier.
The latest figures indicate that layoffs remain subdued despite ongoing uncertainty surrounding the broader economic outlook.