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Financial News: U.S. Weekly Jobless Claims Unexpectedly Dip To 206,000

U.S. Weekly Jobless Claims Unexpectedly Dip To 206,000

07/25/2019 - 09:16:00 (RTTNews)

(RTTNews) - After reporting an uptick in first-time claims for U.S. unemployment benefits in the previous week, the Labor Department released a report on Thursday showing an unexpected pullback in initial jobless claims in the week ended July 20th.

The report said initial jobless claims fell to 206,000, a decrease of 10,000 from the previous week's unrevised level of 216,000. The drop surprised economists, who had expected jobless claims to inch up to 219,000.

With the unexpected decrease, jobless claims hit their lowest level since falling to a nearly 50-year low of 193,000 in the week ended April 13th.

The Labor Department said the less volatile four-week moving average also dipped to 213,000, a decrease of 5,750 from the previous week's unrevised average of 218,750.

Continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also dropped by 13,000 to 1.676 million in the week ended July 13th.

The four-week moving average of continuing claims subsequently slipped to 1,697,250, a decrease of 4,500 from the previous week's revised average of 1,701,750.

Next Friday, the Labor Department is scheduled to release its more closely watched monthly employment report for July.

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