23 Jul 2015
US initial jobless claims drops to four decade low
FXStreet (Mumbai) - The US labor department data released on Thursday showed the jobless claims last week dropped to the lowest in four decades, mainly on account of mid-year factory shutdowns and school vacations.
The initial jobless claims by 26,000 to 255,000 in the week ended July 18, the fewest since November 1973. The markets were expecting the initial jobless claims to drop to 280K from the previous week’s 281K. The initial jobless claims stayed below 300K for the 20th consecutive week.
The four-week moving average, a less volatile measure than the weekly numbers, decreased to 278,500 last week, from 282,500.
The jobless data, since early March, has been indicating the resilience in labor market despite the marked slowdown in the economy in the first quarter. The June payrolls data had shown the economy added by 223,000 in June following a 254,000 gain the prior month. The US jobless rate fell to a seven-year low of 5.3%.
The initial jobless claims by 26,000 to 255,000 in the week ended July 18, the fewest since November 1973. The markets were expecting the initial jobless claims to drop to 280K from the previous week’s 281K. The initial jobless claims stayed below 300K for the 20th consecutive week.
The four-week moving average, a less volatile measure than the weekly numbers, decreased to 278,500 last week, from 282,500.
The jobless data, since early March, has been indicating the resilience in labor market despite the marked slowdown in the economy in the first quarter. The June payrolls data had shown the economy added by 223,000 in June following a 254,000 gain the prior month. The US jobless rate fell to a seven-year low of 5.3%.