Initial Jobless Claims Drop by 14,000
NEW YORK (TheStreet) -- The number of Americans filing for unemployment benefits continued a slow slide downward last week.
The Bureau of Labor reported that 418,000 Americans filed for unemployment benefits in the week ending July 2, a slightly better than expected drop of 14,000. Economists were predicting initial claims to come in higher at 425,000, according to Briefing.com.
In the previous week, 432,000 Americans filed initial claims.
Continuing claims for the week ending June 25. came in at 3.68 million, down from 3.72 million from the prior week. That drop was also better than predicted. Analysts were looking for continuing claims to come in around 3.7 million, according to Briefing.com.The four-week moving average on initial claims ticked down by 3000 to 424,750. The report on private jobs and the weekly initial claims data comes ahead of tomorrow's key government unemployment report. The market has been climbing in anticipation of jobs data as well as the kickoff of earnings season next week. The slide in initial claims still suggests that the labor market has slowed down relative to the spring. "Claims data have been trending sideways, while continuing claims data have slowly moved lower," said a Barclays report. -- Written by Chao Deng in New York. >To contact the writer of this article, click here: Chao Deng. >To follow the writer on Twitter, go to: @chao_deng >To submit a news tip, send an email to: firstname.lastname@example.org. >To contact the writer of this article, click here: Chao Deng. >To follow the writer on Twitter, go to: @chao_deng >To submit a news tip, send an email to: email@example.com.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV