US initial jobless claims fell more than expected last week, offering fresh evidence that layoffs remain limited despite signs of a gradual cooling in the labor market. Initial claims dropped by -12k to 215k in the week ended June 20, beating expectations of 225k. The previous week’s reading was revised to 227k. Meanwhile, the four-week moving average, which smooths weekly volatility, edged up by 750 to 224,250.
The picture was somewhat more mixed beneath the headline. Continuing claims, a proxy for the number of people receiving unemployment benefits, rose by 21k to 1.821m in the week ended June 13, while the insured unemployment rate held steady at 1.2%. The four-week moving average of continuing claims also increased by 9k to 1.7945m, suggesting unemployed workers are still taking slightly longer to find new jobs.
| Indicator | Latest | Previous | Expectation |
|---|---|---|---|
| Initial Jobless Claims | 215k | 227k | 225k |
| 4-Week Average (Initial Claims) | 224.25k | 223.50k | — |
| Continuing Claims | 1.821m | 1.800m | — |
| Insured Unemployment Rate | 1.2% | 1.2% | — |
| 4-Week Average (Continuing Claims) | 1.7945m | 1.7855m | — |
