US initial jobless claims fell by 2,000 last week to a total of 229,000, the US Department of Labor reported today. The previous week’s level was revised upward by 2,000.
CNBC reported that economists polled by Reuters had estimated 227,000 applications for the latest week. There are reports of job cuts, mainly in the technology and housing sectors. CNBC reported the housing sector is experiencing moderation in activity as mortgage rates have surged in response to rising inflation expectations and aggressive interest rate hikes from the Federal Reserve.
Meanwhile, the four-week moving average of claims rose by 4,500 in the week ended June 18 to a level of 223,500. The previous week’s level was revised upward by 500.