US Jobless Claims Drop to 208k, Below 218k Forecast

Initial jobless claims fell more than expected last week. The Labor Department reported seasonally adjusted claims declined by 8,000 to 208,000 in the week ended July 11, coming in below the 218,000 consensus estimate. The previous week's figure was revised up slightly to 216,000, while the four-week moving average dropped by 4,750 to 214,250.

Continuing claims also fell. The number of Americans receiving unemployment benefits declined by 16,000 to 1.805 million in the week ended July 4. The insured unemployment rate held steady at 1.2%. The four-week average of continuing claims edged up a marginal 1.811 million.