US weekly jobless claims decline

The number of unemployment benefit applications in the US declined last week, erasing some of the increases recorded due to Hurricane Beryl.

Data from the Labor Department released today, July 25, revealed that the number of initial unemployment benefit applications fell by 10,000 to 235,000 in the week ended July 20.

Economists polled by Reuters had forecast 238,000 claims for the latest week, from the previous week's revised reading which was raised by 2,000 applications to 245,000.

Meanwhile, the average number of unemployment benefit applications over the past four weeks (the most accurate measure of labor market performance) increased by 250 applications to 235,500, from the previous week's average, which was revised upwards by 500 applications to 235,250.