Jobless claims at four-year low
Initial claims are down 26,000 (to 350,000), the lowest level since March 2008. The drop was much steeper than expected, and could be a hopeful sign for the struggling labor market.
The four-week average also saw a significant drop (down 10,000 to 376,500), and is at its lowest level since May. Continuing claims in data for the June 30 week fell (3.304 million), and the four-week average rose to it’s highest level in 2-1/2 months (3.309 million). The unemployment rate for insured workers has remained the same for the past 3-1/2 months (2.6 percent).