FX.co ★ US Initial Jobless Claims Plunge to 57-Year Low

The number of people claiming unemployment benefits in the US fell by 22,000 to 187,000 in the week ending July 18th, far below expectations for an increase to 212,000 and marking the lowest level in nearly 60 years. Continuing claims, a key gauge of ongoing unemployment, declined by 2,000 to 1,796,000 from the previous week, following a sharp downward revision to the first week of July. The figures continue to point to a robust US labor market, consistent with FOMC members’ assessment that the economy is operating at or near full employment. Meanwhile, initial claims filed by federal employees—closely watched amid the administration’s push to reduce the public-sector workforce—rose by 46 to 470.