FX.co ★ US Jobless Claims Unexpectedly Ease

The number of people filing for unemployment benefits in the US fell by 1,000 in the final full week of June compared with the previous week, reaching the lowest level in five weeks and coming in below market expectations of 220,000. At the same time, continuing claims—viewed as a measure of ongoing unemployment—rose by 2,000 to 1,814,000 in the third week of June, the highest level in three months. Although both measures stand above the levels recorded at the beginning of the second quarter, they remain solid by historical standards, consistent with a labor market characterized by both low layoffs and subdued hiring. Initial claims filed by federal employees—closely watched amid the administration’s efforts to reduce the public-sector workforce—ticked up by 13 to 44.