FX.co ★ US Initial Jobless Claims Unexpectedly Ease

In the week ending June 28th, initial jobless claims in the United States decreased by 4,000 to 233,000, slightly below market expectations of 240,000. Although this figure indicates the smallest rise in unemployment claims in six weeks, it nonetheless remains higher than the averages seen earlier in the year, signifying a gradual easing of the U.S. labor market, yet still considered healthy by historical standards. Concurrently, continuing unemployment claims held steady at 1,964,000, the highest level observed since late 2021 and surpassing the anticipated 1,960,000. This suggests that those who are unemployed are facing more challenging conditions in securing suitable employment. Claims filed by federal government employees, which have been under increased scrutiny following recent layoffs by the Department of Government Efficiency (DOGE), declined by 27 to 453 in the third week of June, marking the lowest level in seven weeks.