US Jobless Claims Hold Steady At Low Level

US jobless claims hold steady at low level

WASHINGTON, (Pakistan Point News - 21th july, 2016)- US jobless claims fell marginally in the second week of July, extending a record streak not seen since the 1970s, according to the Department of Labor. Initial claims, seen as an indicator of the prevalence of layoffs, stood at 253,000 in the week ending July 16, 1000 fewer than the week before. The level has now held below 300,000 for 72 straight weeks, the longest such stretch in 42 years, according to the Labor Department.

The four-week moving average was 257,750, a decrease of 1,250 from the previous week's average of 259,000. The economy added a robust 287,000 jobs in June, quelling concerns about a broader US economic slowdown. Monthly job growth has slowed this year from the 2015 pace but remains strong enough to keep the unemployment rate declining, analysts said. It was 4.9 percent last month.