The DOL reported:
In the week ending July 16, the advance figure for seasonally adjusted initial claims was 253,000, a decrease of 1,000 from the previous week’s unrevised level of 254,000. The 4-week moving average was 257,750, a decrease of 1,250 from the previous week’s unrevised average of 259,000.
There were no special factors impacting this week’s initial claims. This marks 72 consecutive weeks of initial claims below 300,000, the longest streak since 1973.
The previous week was unrevised.
The following graph shows the 4-week moving average of weekly claims since 1971.
The dashed line on the graph is the current 4-week average. The four-week average of weekly unemployment claims declined to 257,750.
This was lower than the consensus forecast. The low level of claims suggests relatively few layoffs.