Link Securities | According to data from the Labor Department, the number of jobless claims fell by 17,000 to 233,000 in the week ending 3 August, below the consensus forecast of 240,000 claimants. Despite the drop, the actual figure remains significantly above the annual average, indicating that while the US labour market has historically been tight, it has softened since its post-pandemic peak.
Also, the four-week moving average of initial claims, which strips out weekly volatility, rose by 2,500 to 240,750 claims. In non-seasonally adjusted terms, claims fell by 13,589 to 203,054, with Michigan (-7,401 persons) and Texas (-4,814 persons) contracting the most.
Meanwhile, the real figure increased by 6,000 continuing benefit claims to 1.875 million in the week ending 27 July.
