The labor market is still exceptionally resilient as jobless claims dip.
The Labor Department said on Thursday that the number of new claims for unemployment benefits decreased by 9,000 to 228,000 in the week ending June 15.
To 237,500, the claims' four-week moving average decreased by 9,250. Early unemployment claims serve as a stand-in for layoffs. Despite the Federal Reserve's 10 interest rate increases, they have stayed quite low.
For the week that ended July 8, continuing claims, which are reported with a one-week delay, increased by 33,000 to 1,754,000. The ongoing claims' four-week moving average decreased by 1,750 to 1,731,500. Even after the increase, this is a historically low level of continuing claims.
The number of claims was anticipated to rise to 241,000 by economists.