US jobless claims fall for fourth consecutive week
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The news: Applications for US unemployment benefits slid for a fourth week running, reaching their lowest level in two months.
The numbers: Initial claims for unemployment benefits fell by 5,000 to 227,000 in the week ending 5 July. The previous week’s level was revised down by 1,000 to 232,000.
The US Labor Department data came in lower than economists’ forecasts of 235,000 initial claims.
Continued claims, a gauge for the size of the total unemployed population in the US came in at 1.97 million in the week ending 28 June, edging up slightly from 1.96 million the week prior.
Continued claims are at their highest since November 2021, signalling that slow hiring is making it more difficult for the unemployed to find work.
The context: While the decline in initial claims indicates that companies are reluctant to fire staff, the persistent climb of continuing claims casts a pall over the labour market as workers struggle to find employment.
The source: US Department of Labor
