US Initial Jobless Claims Unexpectedly Decline to 215,000, Signaling Tight Labor Market

• US initial jobless claims fell to 215,000 for week ending July 4th.
• Figure was below economist estimates of 218,000-220,000.
• Continuing claims rose to 1.814 million for week ending June 27th.

First-time applications for U.S. unemployment benefits unexpectedly decreased to 215,000 for the week ending July 4th, according to reports from the Labor Department. This figure came in below economists’ expectations, which ranged from 218,000 to 220,000, and marked a 2,000 decline from the previous week’s revised level of 217,000. The four-week moving average for initial claims also fell by 3,750 to 218,750. Meanwhile, continuing jobless claims increased by 8,000 to 1.814 million for the week ending June 27th, largely in line with estimates.