FX.co ★ US Initial Jobless Claims Below Expectations

The number of Americans filing for unemployment benefits rose to 197,000 in the week ending July 25th, an increase of 9,000 from the prior week’s 57-year low, but still slightly below the median forecast of 200,000. Continuing claims, a key gauge of ongoing unemployment, declined by 7,000 to 1,782,000 in the preceding week, undershooting expectations of 1,800,000 and marking the lowest level in more than a month. Together, the figures point to a still-robust US labor market, consistent with FOMC officials’ 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—edged down by 52 to 418.