Jobless claims remain extremely low and are consistent with strong demand for labor. Initial claims for the June 10 week fell 8,000 to 237,000 which is 6,000 below Econoday's consensus. The 4-week average is up very slightly to 243,000 which is right in line with levels in May and offers an early indication of strength for the June unemployment rate.
Continuing claims, which lag by a week, edged 6,000 higher to 1.935 million with this 4-week average also little changed, at 1.927 million. This average is also in line with levels in May. The unemployment rate for insured workers is steady and very favorable at 1.4 percent.
There are no special factors in today's report though two states, Hawaii and once again Louisiana, had to be estimated.