US jobless claims sink to lowest level since late May

Initial claims for US unemployment benefits tumbled to the lowest level since late May in the week ended July 6.

Labor Department data showed today, July 11, jobless claims plunged by 17,000 to 222,000 applications for the week. This came against forecasts for a decline to 236,000 applications, from last week’s upwardly-revised reading of 239,000.

Meanwhile, the four-week moving average for new claims, a better measure of labor market trends as it irons out weekly fluctuations, saw a 5,250 pullback to 233,500 applications, from the previous week's revised average of 238,750.