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US initial jobless claims, in the week ending July 30, rose by 3000 to 269,000, close to the consensus projection of 265,000. Moreover, the four-week moving average of initial claims increased to 260,000 from the previous 257,000. In the week ending July 23, continuing jobless claims dropped by 6000 to 2.138 million.
This is down from the upwardly revised prior-week reading of 2.144 million. The initial reading was 2.139 million.
The insured jobless rate remained stable at 1.6 percent, while the four-week moving average of continuing claims came in at 2.142 million. This is a marginal rise from the previous 2.137 million. State wise, California registered the largest rise in both initial and continuing jobless claims. The state recorded an increase of 6,000 in initial jobless claims and a rise of 19,000 in continuing jobless claims.
Meanwhile, Michigan registered a drop of 13,000 in continuing jobless claims. Overall, the report shows a strong and stable level of labor market separations. According to a Barclays research note, nonfarm payrolls are expected to have gained 200,000, while the jobless rate is likely to have dropped to 4.8 percent.
