Overview
- Initial claims for state unemployment benefits fell to a seasonally adjusted 208,000 for the week ended July 11, down 8,000 from the prior week, the Labor Department reported.
- Continuing claims, a measure of people still receiving benefits after an initial week and a proxy for how quickly people find work, declined to a seasonally adjusted 1.805 million for the week ended July 4.
- Economists say the recent decline follows a surge in late May and is consistent with a 'slow hire, slow fire' labor market where headline measures stay steady but hiring is gradual.
- The Federal Reserve's Beige Book said employment rose on balance across districts but flagged persistent shortages for skilled roles such as technicians and tradespeople.
- A National Federation of Independent Business survey showed more small firms in June reported few or no qualified applicants for open jobs, a trend that could limit hiring and affect wage growth going forward.