US initial jobless claims hit lowest level in seven weeks.
Americans lined up for unemployment benefits at a decelerated pace in the week ended 5 July, according to the Labor Department, pointing to a labour market that remains relatively robust despite high interest rates and economic uncertainty.
Source: Sharecast
Initial jobless claims fell to 227,000, dropping from a downwardly revised reading of 232,000 in the prior week and marking the fourth consecutive decline and the lowest count in seven weeks.
Continuing claims rose by 10,000 to 1.965m, the highest level since November 2021, while the four-week moving average, which aims to strip out week-to-week volatility, decreased by 5,750 to 235,500.
On another note, the advance seasonally adjusted insured unemployment rate was 1.3% for the week ended 28 June, unchanged from the previous week's unrevised rate.
Reporting by Iain Gilbert at Sharecast.com
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