U.S. jobless claims climb 4,000 to 248,000

The number of Americans who applied for unemployment benefits rose slightly at the end of June but remained near the lowest level in years.

Initial jobless claims in the period running from June 25 to July 1 increased 4,000 to a seasonally adjusted 248,000, the government said Thursday. Initial claims count people who apply for benefits after losing their jobs.

New applications for benefits have been under 300,000 for 122 straight weeks, the longest run since the early 1970s.

The average of new claims over the past month, which gives a more accurate picture of layoff trends, was even lower. They rose by a scant 750 to 243,000.

The U.S. has added millions of jobs during a recovery that’s beginning its ninth year, tugging the unemployment rate down to a 16-year low of 4.3%. Layoffs are also running at the lowest level in nearly half a century and they show no sign of rising amid steady economic growth and increasing reports of labor shortages.

The number of people already collecting unemployment checks, known as continuing claims, totaled fewer than 2 million for the 12th straight week. The last time the size of unemployment rolls were consistently under 2 million was in 1973.

Economists polled MarketWatch predict the economy added 179,000 new jobs in June, whose numbers will be reported Friday morning.

MarketWatch

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Dean Popplewell

Dean Popplewell

Vice-President of Market Analysis at MarketPulse
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.
Dean Popplewell