Jul 17, 12:33 PM

US Jobless Claims Drop to 221,000, Lowest Since April

U.S. applications for state unemployment benefits fell by 7,000 to a seasonally adjusted 221,000 in the week ended July 12, the Labor Department said Thursday. The figure was below the 233,000 median forecast by economists and represents the lowest reading since April. The four-week moving average declined to 230,000. Continuing claims, which track the number of people receiving ongoing assistance, slipped to 1.956 million in the week ended July 5 from 1.965 million a week earlier, keeping the insured unemployment rate steady at 1.3%. The latest initial-claims data coincide with the reference period for July’s non-farm payrolls survey, suggesting the labor market remains broadly resilient. State data showed the biggest increases in claims came from New York, Texas and Georgia, while Michigan, New Jersey and Tennessee recorded the largest declines.