Hannah Pedone | Bloomberg
US applications for unemployment benefits fell last week to the lowest level in two months, suggesting resilient demand for workers amid a moderation in job gains.
Initial jobless claims fell by 9,000 to 228,000 in the week ended July 15, according to Labor Department data published Thursday. The median estimate in a Bloomberg survey of economists called for 240,000 new claims.
Continuing claims, which count those who have received unemployment benefits for more than one week, rose by 33,000 to 1.75 million in the week through July 8. That marked the largest increase in more than three months.
The numbers suggest the labor market remains strong as businesses hold onto employees, even as they’ve added to payrolls in recent months at a slower pace. A robust job market has been instrumental in underpinning consumer spending, offering hope the economy can avoid a recession this year.
The four-week moving average of initial claims fell to a six-week low of 237,500. That figure can help smooth through volatility in week-to-week numbers.
On an unadjusted basis, claims were little changed in the week ended July 15. Applications increased in California, Georgia and South Carolina. Many other states, including Michigan and Kentucky, saw declines.
The latest claims figures correspond with the survey week for the Labor Department’s monthly jobs report, which will be released on Aug. 4.
–With assistance from Reade Pickert and Jordan Yadoo.
More stories like this are available on bloomberg.com
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