Jobless Claims PingPong To 405,000

Initial jobless claims last week fell 22,000 to 405,000, the Labor Department announced today, and the four-week moving average decreased 3,750 to 423,250.

Economists had forecast 415,000 claims.

A number under 400,000 is encouraging, a number under 350,000 would signify the labor market “really taking off,” economist David Semmens told Bloomberg.

Continuing claims for the week ended July 2, the most recent week data was available, remained at 3.7 million, slightly higher than the week prior.

And for the week ended June 25, a total of 7.4 million Americans were receiving some form of unemployment benefits. That includes a 43,000 increase in the regular state benefit rolls.