US jobless claims fall more than expected
By Iain Gilbert
Date: Thursday 09 Jul 2020
(Sharecast News) - Weekly jobless claims in the US fell more than expected last week, according to figures released on Thursday.
Data from the Department of Labor showed that initial unemployment claims for the week ending 4 July declined by 99,000 to 1.31m - beating consensus estimates for a reading of 1.39m. The four-week moving average, which is considered more reliable as it smooths out sharp fluctuations in the more volatile weekly figures, fell by 63,000 to 1.43m.
Continuing claims, those which are not being filed for the first time, dropped by 698,000 to 18.06m for the week ended 27 June - equivalent to 12.4% of the US workforce.
AvaTrade's Naeem Aslam said: "The US economy is in recovery mode, but the recovery isn't that smooth as per the data.
"The continuing claims have gone back to June and there is a feeling that momentum in terms of recovery have slowed or started to level off."
While unemployment claims have continued to decline over the last 14 weeks, the total number of roughly 37m claims lodged since the Covid-19 pandemic first hit the US has far surpassed those filed during the Global Financial Crisis.
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