Initial unemployment insurance claims unexpectedly fell this past week.

According to the Department of Labour, 304,000 Americans filed for jobless claims during the week ending July 5, down from 315,000 a week ago.

Economists were expecting a 315,000 print.

The 4-week moving average sits at 311,500, down by 3,500.

“Initial jobless claims continue to linger below 320k,” said Nomura economists. “This suggests that layoffs have bottomed out and also corroborates the strong payroll growth and declines in the unemployment rate we‟ve seen this year.”

Continuing claims climbed to 2,584,000 from 2,574,000 a week ago.

“The 4-week moving average was 2,571,250, a decrease of 7,750 from the previous week’s revised average,” said the Department of Labour. “This is the lowest level for this average since October 27, 2007 when it was 2,561,750. The previous week’s average was revised down by 1,250 from 2,580,250 to 2,579,000.”

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