GOOD NEWS: Initial Claims Drop To 353K

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UPDATE:

Initial unemployment claims snapped lower this morning, new data out of the Department of labour shows.

First time filers for unemployment benefits dropped to 353,000, substantially below estimates for a 380,000 print.

Last week’s figures were revised slightly higher to 388,000.

Summer results are generally volatile as auto manufacturers retool plants before releasing new models in the fall.

“The BLS indicated that there were no unusual circumstances but that is typical in the absence of hurricanes, holidays, or other acts of god,” TD Securities’ Eric Green says. “The level of periodic layoffs is never the same, and the BLS cannot adequately compensate for these annual adjustments in much the same way they cannot do so for Easter, after 75yrs in the business.”

Continuing claims also declined during the week, down 30,000 to 3.287 million.

Below, a look at claims over the past few years.

Initial Jobless Claims (7/21/12)

Photo: Eric Platt/Business Insider, Data: St. Louis Federal Reserve

And now, those same years stacked to show monthly movements.

Initial Jobless Claims (7/21/12)

Photo: Eric Platt/Business Insider, Data: St. Louis Federal Reserve

ORIGINAL:

Minutes away from the key data point of the day: Initial Jobless Claims.

Economists polled by Bloomberg forecast claims declined marginally week-to-week, with 380,000 first time filers in the week ending July 21.

Continuing claims are also seen lower, with 3.3 million Americans remaining on benefit in the week ending July 14.

Both will be announced at 8:30 a.m.

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