The number of initial claims for unemployment benefits in the US fell to a 10-week low in the week ended July 11, indicating that the labor market remains stable despite economic challenges.
The number of claims was expected to reach 216,000 that week, unchanged from the previous week's upwardly revised data of 216,000 (initially reported as 215,000), according to the Department of Labor's report released on Thursday.
Weekly jobless claims serve as a proxy for US layoffs and provide a near real-time indicator of labor market conditions.
|
US Weekly Jobless Claims |
||||
|
Item |
Last Year |
Last Week |
Latest Week |
Change |
|
Initial Claims (‘000) |
221 |
216 |
208 |
(8) |
|
Four-Week Average (‘000) |
229 |
219 |
214.25 |
(4.75) |
|
Total Beneficiaries (mln) |
1.949 |
1.821 |
1.805 |
(0.016) |
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