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The number of Americans filing for unemployment benefits fell by more than expected last week, indicating that layoffs are not surging higher.
Initial claims for unemployment benefits fell to 233,000, down from 250,000 in the prior week. Economists had forecast a smaller decline to 240,000. The 17,000 decline was greeted with a small relief rally in the equities futures market. Stocks have been under pressure recently after the July nonfarm payrolls report showed weaker job growth and a bigger rise in unemployment than expected.
Continuing claims, which are reported with a one week delay, rose by 6,000 to 1.875 million. The previous week’s level, however, was revised up down 8,000. At 1.875 million, this is the largest number of people on unemployment since November of 2021.
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