Forexpros – The number of people who filed for unemployment assistance in the U.S. last week fell significantly more-than-expected, matching the lowest level in four years, official data showed on Thursday.
In a report, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending July 7 fell by 26,000 to a seasonally adjusted 350,000, compared to expectations for a decline of 4,000 to 372,000.
The previous week’s figure was revised up to 376,000 from a previously reported 374,000.
Jobless claims have remained below 400,000, a level historically associated with an improving labor market, in 35 of the past 37 weeks, though lately claims have been pushing higher from the 350,000 associated with above-average job growth.
Continuing jobless claims in the week ended June 30 fell to 3.304 million from a revised 3.318 million. Analysts had expected continuing claims to decline to 3.300 million.
The four-week moving average was 376,500, a decrease of 9,750 from the previous week’s revised average of 386,250.
The monthly average is seen as a more accurate gauge of labor trends because it reduces volatility in the week-to-week data.
Following the release of the data, the U.S. dollar added to gains against the euro, with EUR/USD slumping 0.57% to trade at 1.2172. the lowest since July 2010.
Meanwhile, U.S. stock index futures remained lower. The Dow Jones Industrial Average futures pointed to a loss of 0.6% at the open, S&P 500 futures indicated a drop of 0.65%, while the Nasdaq 100 futures signaled a decline of 0.6%.
Forexpros
