Unemployment Claims Down 17K, Better Than Expected

Initial jobless claims measures the number of individuals who filed for unemployment insurance for the first time during the past week. In the week ending July 6th, initial jobless claims were at a seasonally adjusted level of 222,000, a decrease of 17,000 from the previous week's figure. The latest reading is lower than the forecast of 236,000 jobless claims.

Here is the opening statement from the Department of Labor:

In the week ending July 6, the advance figure for seasonally adjusted initial claims was 222,000, a decrease of 17,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 238,000 to 239,000. The 4-week moving average was 233,500, a decrease of 5,250 from the previous week's revised average. The previous week's average was revised up by 250 from 238,500 to 238,750.

The advance seasonally adjusted insured unemployment rate was 1.2 percent for the week ending June 29, unchanged from the previous week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending June 29 was 1,852,000, a decrease of 4,000 from the previous week's revised level. The previous week's level was revised down by 2,000 from 1,858,000 to 1,856,000. The 4-week moving average was 1,840,250, an increase of 9,750 from the previous week's revised average. This is the highest level for this average since December 4, 2021 when it was 1,859,750. The previous week's average was revised down by 500 from 1,831,000 to 1,830,500.