The outsized 14,000 decline in the prior week is reversed by an outsized 10,000 rise in the July 22 week for initial jobless claims which, at 244,000, came in 4,000 higher than the Econoday consensus. The offsetting changes are reflected in the 4-week average which is at 244,000 for both weeks.
Continuing claims, where data lag by a week, fell 13,000 in the July 15 week with this 4-week average up a slight 5,000 to 1.964 million. The unemployment rate for insured workers is unchanged at a very low 1.4 percent.
No states were estimated and, despite auto-plant layoffs at this time of year, the Labor Department is citing no special factors in today's report, one that points to steady and strong demand for labor.