A low number of layoffs is keeping the U.S. labor market steady this summer, the government reported on July 16.
Initial jobless claims—the number of Americans filing applications for unemployment benefits—declined by 8,000 to 208,000 for the week ending July 11, according to new Department of Labor data.
This came in firmly below economists’ expectations of 217,000.
The reading was the lowest since the first week of May, when claims dropped to their lowest level since 1969.
Weekly unemployment claims were edging higher heading into the summer, reflecting an increase in the number of school staff applying for benefits during the break. But they peaked in early June and have been venturing lower….