US Weekly Jobless Claims Unexpectedly Fall, Labor Market Remains Stable

BlockBeats News, July 24 — Last week, the number of Americans filing initial claims for unemployment benefits unexpectedly declined, indicating that labor market conditions remain stable, even though a slowdown in hiring is making it harder for many laid-off workers to find new jobs. Data released by the U.S. Department of Labor on Thursday showed that, for the week ending July 19, seasonally adjusted initial jobless claims fell by 4,000 to 217,000, unexpectedly below expectations. Since initial claims reached an eight-month high in June, the figure has since retreated.

The report also showed that, for the week ending July 12, seasonally adjusted continuing claims increased by 4,000 to 1.955 million. Goldman Sachs economist Elsie Peng wrote in the report: “Looking ahead, we expect that as immigration continues to slow, the ‘maintenance threshold’ for job growth—that is, the monthly number of new jobs needed to keep the unemployment rate stable—will gradually decline from the current estimate of 90,000 to 70,000 by the end of 2025.” (Jin10)