Jobless Claims in U.S. Unexpectedly Drop to Three-Month Low
- Four-week average, continuing benefit recipients also decline
- Economists expected a gain to 265,000 in week ended July 16
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The number of applications for U.S. unemployment benefits unexpectedly fell last week, reaching a three-month low, indicating the labor market remains steady.
Initial jobless claims dropped by 1,000 to 253,000 in the week ended July 16, from an unrevised 254,000 in the prior period, a report from the Labor Department showed Thursday in Washington. The median forecast of 44 economists surveyed by Bloomberg called for 265,000. In April, applications were at a four-decade low of 248,000.