INITIAL CLAIMS FALL TO 374K

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UPDATE:

Initial unemployment claims dipped in the last week of June to 374,000, substantively better than economists had forecast.

Economists polled by Bloomberg were looking for a smaller decline, to 385,000 people.

Pennsylvania logged the largest decline in first-time jobless filers, reporting fewer layoffs in a number of sectors, including transport, healthcare, and technology.

California and New Jersey, the two states that represented the greatest increase in claims, said layoffs in the service industry hit the labour markets.

The data from the Department of labour follows a surprisingly better-than-expected employment report from ADP, which showed the economy added 176,000 new positions in June. 

Below, a look at initial jobless claims over the past three years.

Initial Claims (6/30/12)

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

And now, that data overlayed to show changes by month.

Initial Claims (6/30/12)

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

Meanwhile, continuing claims increased slightly from a week earlier, with 3.306 million people remaining on benefits.

ORIGINAL:

Following the ADP Jobs Report, U.S. markets will get another gauge of the labour market with the Initial Jobless Claims report.

Economists polled by Bloomberg project there were 385,000 first time filers in the last week of June.

That would represent a marginal decline from the week earlier period, when the Department of labour tallied 386,000 first time filers.

The announcement is scheduled for 8:30 a.m.

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