The job market shows signs of resilience as U.S. initial jobless claims decline for five consecutive weeks, hitting a three-month low
The number of initial jobless claims in the United States has declined for the fifth consecutive week, reaching the lowest level since mid-April, indicating resilience in the labor market. According to data from the U.S. Department of Labor, for the week ending July 12, initial jobless claims fell by 7,000 to 221,000, lower than the economists' forecast of 233,000. The number of continuing jobless claims remains high, indicating that unemployed individuals still face difficulties in reemployment. The four-week moving average dropped to 229,500, the lowest since early May. Some large companies have announced layoff plans
According to the Zhitong Finance APP, the number of initial jobless claims in the United States fell for the fifth consecutive week last week, reaching the lowest level since mid-April, indicating that the labor market continues to show resilience. According to data released by the U.S. Department of Labor on Thursday, for the week ending July 12, initial jobless claims decreased by 7,000 to 221,000, while the median forecast among economists was 233,000.
In the week prior, which included the Independence Day holiday, the number of continuing jobless claims remained essentially flat at 1.96 million.
After an upward trend in May and June, the weekly application numbers have fallen back to near pre-pandemic moderate levels. However, the number of continuing jobless claims remains high near levels seen since 2021, indicating that as hiring slows, reemployment remains challenging for unemployed individuals in the U.S.
The four-week moving average of initial jobless claims, which is used to smooth out data volatility, fell to 229,500, marking a new low since early May.
Before seasonal adjustments, initial jobless claims increased by 19,539 to 260,900 last week. New York, Nevada, and Texas saw the largest unadjusted increases, while Michigan, New Jersey, and Tennessee experienced declines in claims.
Notably, some large companies, including RCRUY.US and Intel (INTC.US), have recently announced layoff plans
