US applications for unemployment benefits fell last week, suggesting a resilient labor market despite a moderation in job gains.
Initial claims for unemployment benefits dropped by 12,000 to 237,000 in the week ending July 8, according to a Labor Department report released on Thursday. The print was below the consensus forecast of 250,000 in a Bloomberg survey of economists.
Continuing claims, which include those who have received benefits for longer than one week, rose to 1.73 million in the week through July 1.
The 4-week moving average of initial claims, which can help smooth volatility, fell to 246,750. Volatility can be expected around mid-July during the annual auto-retooling period, which may cause choppier weekly claims data.
On an unadjusted basis, claims rose to 258,614 in the week ending July 8, with New York, Ohio and Pennsylvania contributing most to the increase. New Jersey, Connecticut and Michigan saw declines.
Source: Bloomberg
