Jobless Claims Match Low Forecast at 218K for Week Ending July 28

Initial jobless claims rose 1,000 to a seasonally adjusted 218,000 for the week ending July 28, matching the consensus forecast. The report, which shows a tight labor market with strong demand, comes ahead of the monthly jobs report, otherwise known as the Employment Situation.

The 4-week moving average was 214,500, a decrease of 3,500 from the previous week’s unrevised average of 218,000.

The advance seasonally adjusted insured unemployment rate was unchanged at a very low 1.2% for the week ending July 21. The advance number for seasonally adjusted insured unemployment during the week ending July 21 fell 23,000 to 1,724,000.

The 4-week moving average for seasonally adjusted insured unemployment was 1,741,750, a decrease of 4,500 from the previous week’s revised average.

No state was triggered “on” the Extended Benefits program during the week ending July 14.

The highest insured unemployment rates in the week ending July 14 were in New Jersey (2.5), Connecticut (2.3), Puerto Rico (2.3), Pennsylvania (2.1), Alaska (2.0), Rhode Island (2.0), California (1.9), the Virgin Islands (1.9), Illinois (1.6), Massachusetts (1.5), and New York (1.5).

The largest increases in initial claims for the week ending July 21 were in Michigan (+3,703), Kentucky (+2,562), Missouri (+1,053), Kansas (+301), and Wyoming (+11), while the largest decreases were in New York (-8,310), Georgia (-3,732), Alabama (-3,361), Pennsylvania (-2,388), and Oregon (-1,884).