Jobless claims slide in latest week

By Hibah Yousuf, staff reporter

NEW YORK ( -- The number of Americans filing first-time claims for unemployment insurance fell last week, according to a government report released Thursday.

There were 454,000 initial jobless claims filed in the week ended July 3, down 21,000 from an upwardly revised 475,000 in the previous week, the Labor Department said.

The number of claims was lower than expected. A consensus estimate of economists surveyed by expected 460,000 claims.

The 4-week moving average of initial claims, which levels out volatility, was 466,000, the highest level since March. The figure was up 1,250 from the previous week's upwardly revised average of 467,250.

"This is welcome news since claims are moving in the right direction again," said John Lonski, chief economist at Moody's "But the number is still not convincing proof that private sector payrolls are growing by at least 100,000 per month, and that's what we need for a durable economic recovery."

Lonski cautioned that that the current 2-week and 4-week moving averages remain well above their respective averages for weeks ended March 27, when jobless claims fell to a 19-month low.

Continuing claims: The number of people filing continuing claims decreased to 4,413,000 in the week ended June 26, the most recent data available. That was down 224,000 from the preceding week's upwardly revised 4,637,000 claims.

The 4-week moving average for ongoing claims fell by 18,750 to 4,554,000 from the previous week's downwardly revised 4,572,750.

Continuing claims reflect people who file each week after their initial claim until the end of their standard benefits, which usually last 26 weeks. The figures do not include those who have moved to state or federal extensions, or people who have exhausted their benefits.

The House voted to extend the deadline to file for federal jobless benefits through November, but the Senate will take up the measure after its weeklong summer break. As a result, more than 2.1 million people are expected to have lost their unemployment benefits by the time legislators reconvene on July 12.

State by state: Jobless claims in four states declined by more than 1,000 in the week ended June 26, the most recent state data available. Claims in Pennsylvania dropped the most, by 2,841, which the state attributed to fewer layoffs in the trade, service, transportation and transportation equipment industries.

Claims rose by more than 1,000 in ten states, increasing the most in Rhode Island. Filings rose there by 1,114 due to school closings, as well as layoffs in the service and manufacturing industries, according to the state.  To top of page

Just the hot list include
Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 32,627.97 -234.33 -0.71%
Nasdaq 13,215.24 99.07 0.76%
S&P 500 3,913.10 -2.36 -0.06%
Treasuries 1.73 0.00 0.12%
Data as of 6:29am ET
Company Price Change % Change
Ford Motor Co 8.29 0.05 0.61%
Advanced Micro Devic... 54.59 0.70 1.30%
Cisco Systems Inc 47.49 -2.44 -4.89%
General Electric Co 13.00 -0.16 -1.22%
Kraft Heinz Co 27.84 -2.20 -7.32%
Data as of 2:44pm ET


Bankrupt toy retailer tells bankruptcy court it is looking at possibly reviving the Toys 'R' Us and Babies 'R' Us brands. More

Land O'Lakes CEO Beth Ford charts her career path, from her first job to becoming the first openly gay CEO at a Fortune 500 company in an interview with CNN's Boss Files. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.