Overview

• Initial claims for state unemployment benefits fell by 7,000 to 221,000 in the week ending July 12, marking the fifth consecutive weekly decline.
• Continuing claims edged up by 2,000 to 1.956 million for the week ending July 5, indicating longer spells of joblessness for many workers.
• June nonfarm payrolls rose by 147,000, with nearly half of the gains in government education roles, and the unemployment rate eased to 4.1%.
• The Federal Reserve’s Beige Book reported cautious hiring and modest layoffs, especially in manufacturing, as businesses weigh economic and policy risks.
• Policy uncertainty from upcoming tariffs and recent trade duties has led companies to postpone staffing decisions.