US weekly jobless claims fall more than expected
Source: Reuters
July 25, 2024 8:59 AM EDT Updated 7 hours ago
WASHINGTON, July 25 (Reuters) - The number of Americans filing new applications for unemployment benefits fell more than expected last week as distortions from the weather and temporary automobile plant closures faded.
Initial claims for state unemployment benefits dropped 10,000 to a seasonally adjusted 235,000 for the week ended July 20, the Labor Department said on Thursday. Economists polled by Reuters had forecast 238,000 claims for the latest week.
Claims had increased in the prior week to the upper end of their 194,000-245,000 range for this year, lifted by a surge in applications in Texas related to disruptions from Hurricane Beryl. Temporary automobile plant closures for retooling also contributed to the rise.
Through the volatility, layoffs remain low by historical standards and the slowdown in the labor market is mostly coming from a reduction in hiring as the Federal Reserve's aggressive interest rate hikes in 2022 and 2023 cool demand. The number of people receiving benefits after an initial week of aid, a proxy for hiring, slipped 9,000 to a seasonally adjusted 1.851 million during the week ending July 13, the claims report showed.
Read more: https://www.reuters.com/markets/us/us-weekly-jobless-claims-fall-more-than-expected-2024-07-25/
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Unemployment Insurance Weekly Claims
Initial claims were 235,000 for the week ending 7/20 (-10,000).
Insured unemployment was 1,851,000 for the week ending 7/13 (-9,000).
https://dol.gov/ui/data.pdf
The image features a solid blue background with white text centrally aligned. The text reads "Unemployment Insurance Weekly Claims" at the top and "dol.gov" at the bottom, referring to the website of the Department of Labor.
8:31 AM · Jul 25, 2024