The number of initial unemployment claims in the United States dropped to 208,000, showing greater resilience in the labor market than expected.

Notice that the number of people applying for unemployment benefits in the United States decreased last week, indicating that the labor market remains stable. Data released by the US Department of Labor on Thursday showed that in the week ending July 11, the number of initial claims for unemployment benefits decreased by 8,000 to 208,000 people. The median forecast from economists surveyed was 217,000 people. The number of continuing claims for unemployment benefits, which measures the number of people continuing to receive unemployment benefits, also decreased to 1.81 million people in the previous week, lower than expected. After a surge in May and early June, the number of new applicants has fallen to historic lows. Meanwhile, the unemployment rate from last month has also decreased, further proving that employers are retaining their employees. The number of initial claims for unemployment benefits in the United States has slightly decreased. Last week, the four-week moving average of initial claims for unemployment benefits, used to smooth weekly volatility, dropped to 214,250 people. Economist Stuart Paul said, "Layoffs have minimal impact on the unemployment rate. However, we still do not want to put too much emphasis on the number of people applying for unemployment benefits, as these data fluctuate greatly and may lose some relevance during the summer." Before seasonal adjustments, the unadjusted number of initial claims for unemployment benefits rose to 244,826 people - with California and Missouri showing the most significant increases.