Jobless Claims Drop Steeply To a 22-Week Low
[?]
Submitted by CARPE DIEM
The Department of Labor reported today that initial claims for unemployment insurance fell by 52,000 to a much lower-than-expected 565,000 (seasonally adjusted) for the week ended July 4, from 617,000 the previous week. It was the lowest level of weekly claims since January. Analysts polled by Reuters had forecast claims to drop to 605,000 from a previously reported 614,000.
The 4-week moving average of 565,000 claims (adjusted to smooth volatility in the data) also fell to the lowest reading since January, reaching a 22-week low (see chart above).
