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Unemployment Claims decreased to 233,000

Thursday, Jul 20 2017
Unemployment Claims decreased to 233,000

The lowest level of filings for U.S. unemployment benefits in about two months may reflect growing demand for workers in a tight job market, Labor Department figures showed Thursday. Jobless claims decreased by 15k to 233k (forecast was 245k); level in February was lowest since early 1970s. Continuing claims increased by 28k to 1.98m in week ended July 8 (data reported with one-week lag). Four-week average of initial claims, a less-volatile measure than the weekly figure, fell to 243.8k from 246k in prior week.

Separate report on Philly Fed Manufacturing Index showed that the index for current manufacturing activity in the region decreased from a reading of 27.6 in June to 19.5 this month. The index has been positive for 12 consecutive months, but July’s reading is the lowest since November. Thirty-seven percent of the firms indicated increases in activity in July, down from 42 percent last month. The shipments index decreased 16 points, while the new orders index fell 24 points. Nearly 31 percent of the respondents reported a rise in new orders this month, down from 45 percent in June. Both the delivery times and unfilled orders indexes were positive for the ninth consecutive month, suggesting longer delivery times and increases in unfilled orders.

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