United States Initial Jobless Claims

Initial jobless claims in the US eased by 4,000 from the previous week to 233,000 on the period ending June 28th, less than market expectations of 240,000. While the figure reflected the softest increase in unemployment in six weeks, it remained firmly above averages from earlier in the year to reflect the gradual softening of the US labor market, albeit still robust in a historical standard. In turn, outstanding unemployment claims were unchanged at 1,964,000, the highest since late 2021, and above expectations of 1,960,000 to maintain the view that the unemployed are undergoing more difficult conditions in finding suitable employment. Initial claims filed by federal government employees, which have been under scrutiny following recent dismissals by the Department of Government Efficiency (DOGE), fell by 27 to 453 in the third week of June, the least in seven weeks.