FX.co ★ US Initial Unemployment Claims Fall for 6th Week

In the third week of July, initial jobless claims in the United States decreased by 4,000 from the previous week, reaching 217,000. This figure is significantly below market predictions, which estimated an increase to 227,000. This marks the sixth consecutive weekly decline, bringing the number to its lowest since April, highlighting the ongoing resilience in the U.S. labor market after facing temporary concerns earlier this year. Meanwhile, continuing claims edged up to 1,955,000 the week prior, slightly below market forecasts yet still representing the second highest level since November 2021. This indicates a deceleration in hiring momentum, despite consistently low unemployment rates. Notably, initial claims filed by federal employees, under focus following recent layoffs by the Department of Government Efficiency (DOGE), increased by 193 to 789, marking the highest level in four months.