US Jobless Claims Drop to 233,000; Continuing Claims at 1.875M

Aug 8, 2024, 12:33 PM

The U.S. Department of Labor reported that initial jobless claims for the week ending August 3 fell to 233,000, significantly below the expected 240,000 and the previous week's revised figure of 250,000. This decline of 17,000 claims suggests a stronger labor market than anticipated. Continuing claims for the week ending July 27 were 1.875 million, aligning with expectations of 1.870 million. The drop in initial claims has eased concerns about a potential cooling of the labor market, following last week's disappointing jobs report. The 4-week average of jobless claims was 240.75K. The positive data also led to a rise in U.S. stock index futures, reflecting investor optimism.