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Number of applications for unemployment benefits in USA unexpectedly fell

The number of applications for unemployment benefits in USA during the last week unexpectedly fell and reached a quarterly bottom. The submitted documents decreased by 1,000 to a seasonally adjusted 253,000 during the week ended July 15. This is the lowest level since April, according to the Ministry of Labour. The data for the previous week were not revised, so documents are close to 43-year low of 248,000 Reached in mid-April. The economists forecast growth of submitted requests to 265,000 during the week to July 15, so the result was surprising for the markets.

Weekly applications for unemployment benefits under 300,000 for 72 consecutive weeks, the longest period since 1973 and a sign of a healthy labor market. The data on the requests at this time of year are volatile, as some automakers are beginning process of temporarily closing factories to equip them for new models.

The experts from the Ministry of Labour indicate that no special factors that lead to the dynamics last week. The average for the last four weeks, which is considered a better indicator because it eliminates weekly volatility, fell by 1,250 to 275,000 requests.

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