The number of first-time applications for unemployment benefits in the US fell to 221,000 in the week ending July 22, the lowest level in five months.
The US Department of Labor has released data on weekly jobless claims.
Accordingly, the number of people claiming unemployment benefits for the first time in the country decreased by 7 thousand to 221,000 in the week ending July 22, compared to the previous week.
Unemployment benefits, which were below market expectations and fell to the lowest level in 5 months, were expected to realize at the level of 235 thousand in this period.
The previous week’s data on unemployment benefits was preserved as 228 thousand.
As of last week, 4-week average unemployment benefits applications decreased by 3 thousand 750 people compared to the previous week and decreased to 233 thousand 750.
On the other hand, applications for ongoing unemployment benefits decreased by 59 thousand people in the week ending July 15 to 1 million 690 thousand, and recorded its lowest level since January.
Analysts stated that the data on unemployment benefits applications show that the labor market remains tight, and this may cause the US Federal Reserve (Fed) to continue the tightening cycle at its September meeting.