The Department of Labor reports that jobless claims dropped a lot this week:
In the week ending July 7, the advance figure for seasonally adjusted initial claims was 350,000, a decrease of 26,000 from the previous week’s revised figure of 376,000. The 4-week moving average was 376,500, a decrease of 9,750 from the previous week’s revised average of 386,250.
The advance seasonally adjusted insured unemployment rate was 2.6 percent for the week ending June 30, unchanged from the prior week’s unrevised rate.
The advance number for seasonally adjusted insured unemployment during the week ending June 30 was 3,304,000, a decrease of 14,000 from the preceding week’s revised level of 3,318,000. The 4-week moving average was 3,308,500, an increase of 1,250 from the preceding week’s revised average of 3,307,250.