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U.S. Jobless Claims Decline 8,000 To 207,000

Kitco News

(Kitco News) - U.S. initial weekly jobless claims fell by 8,000 to 207,000 in the week to Saturday, the lowest level since 1969, the government said Thursday. The tally was below expectations of economists.

Consensus forecasts compiled by various news organizations had called for initial claims to be around 220,000 to 224,000. The Labor Department revised the prior week’s tally to 215,000 from the previously reported 214,000.

Meanwhile, the four-week moving average for new claims – often viewed as a more reliable measure of the labor market since it smoothens out week-to-week volatility – was down by 2,750 claims to 220,500.

Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, increased by 8,000 to a seasonally adjusted 1,751,000 during the week ending July 7, the government said.

Traders monitor jobs data closely to gauge how aggressively the U.S. Federal Open Market Committee alters monetary policy.

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