Fewer Americans filed for unemployment insurance claims last week, confirming the recovery of the U.S. labor market.
Source: U.S. Department of Labor
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US jobless claims totaled to 375,000 last week. That matched the median estimates from Bloomberg’s economists and marked a third consecutive decline for weekly claims. The previous week’s claims were revised upwards by 2,000 to 387,000 from 385,000.
Continuing claims, which measures Americans receiving unemployment benefits, declined to 2.87 million for the week ended July 31. That set a new pandemic-era low for continuing claims.
US jobless claims have experienced less consistent recovery than continuing claims. Weekly counts averaged around 400,000 through late June and July dropping sharply through spring.
The jobless claims data showed the resilience of the labor market recovery across the board, rising COVID cases will trigger decline in weekly claims data.