FX.co ★ US Initial Jobless Claims Fall to 6-Week Low

The number of Americans filing for unemployment benefits declined by 2,000 to 215,000 in the week ended July 4th, undershooting forecasts for an increase to 218,000 and marking the lowest level in six weeks. In contrast, continuing claims – a key indicator of ongoing unemployment – rose by 8,000 to 1,814,000 in the final week of June, the highest reading since late March but still slightly below market expectations of 1,820,000. Although both measures remain modestly above levels seen at the start of the second quarter, the figures continue to point to a labor market with relatively few layoffs. At the same time, initial claims filed by federal employees, closely watched amid the administration’s push to reduce the public-sector workforce, edged down by 40 to 404.