Initial unemployment claims decline
New data released by the U.S. Department of Labor on Thursday showed that the number of Americans filing first-time applications for unemployment benefits fell unexpectedly in the week ended July 11.
Initial jobless claims totaled 208,000, down 8,000 from the revised figure of 216,000 recorded the previous week.
The latest reading came in below economists’ expectations, as analysts had forecast claims would rise to 220,000 from the originally reported 215,000.
Four-week average also moves lower
The report also indicated that the four-week moving average, which helps smooth out weekly volatility, declined to 214,250.
That represented a decrease of 4,750 compared with the revised average of 219,000 reported for the previous week, suggesting the U.S. labor market continues to show signs of stability despite ongoing economic uncertainty.