Last week’s jobless claims were down compared to the prior week, but still underperformed expectations.
According to the Department of Labor, initial jobless claims were at 385,000 in the week ending July 31.
Initial claims were expected to fall to 383,000, compared to 400,000 during the prior week. The previous week’s level was revised down by 1,000 from 400,000 to 399,000.
The advance seasonally adjusted insured unemployment rate was 2.1 percent, a 0.3 percent drop from the previous week’s unrevised rate.
Insured unemployment during the week ending July 24 was 2,930,000, a decrease of 366,000 from the previous week’s revised level. This is the lowest level for insured unemployment since March 14, 2020.
Employment numbers are slowly improving, but their recovery is hampered by the continued Biden coronavirus benefits.