First-time claims for U.S. unemployment benefits unexpectedly edged modestly lower in the week ended July 5th, according to a report released by the Labor Department on Thursday.
The report said initial jobless claims dipped to 227,000, a decrease of 5,000 from the previous week's revised level of 232,000.
The Labor Department said the less volatile four-week moving average also slipped to 235,500, a decrease of 5,750 from the previous week's revised average of 241,250.
Meanwhile, the report said continuing claims, a reading on the number of people receiving ongoing unemployment assistance, rose by 10,000 to 1.965 million in the week ended June 28th.
With the increase, continuing claims reached their highest level since hitting 1.970 million in the week ended November 13, 2021.
The four-week moving average of continuing claims also edged up to 1,955,250, an increase of 3,500 from the previous week's revised average or 1,951,750.
This is the highest level for this average since November 20, 2021 when it was 2,004,250, the Labor Department said.