Overview

• Initial claims fell by 5,000 to 227,000 for the week ending July 5, undercutting the 238,000 analysts had forecast.
• The four-week moving average of filings declined by 5,750 to 235,500, smoothing out recent weekly volatility.
• Continuing unemployment claims rose by 10,000 to 1.97 million for the week of June 28, the most since November 2021.
• Applications remain within the historically healthy range of the past two years despite indications of a cooling labor market.
• State outcomes diverged sharply with Kansas reporting a 51.7 percent increase in claims and Delaware posting a 58.5 percent decline.