US Jobless Claims fall to 4-month Low of 1.31M in early July

Nearly 33 million people reported getting benefits in mid-June

The numbers: The number of initial jobless claims fell by almost 100,000 in early July to a four-month low 1.31 million, but the pace of layoffs is still quite high and appears to be bogging down an economic recovery from the coronavirus pandemic.

Initial jobless claims, a rough gauge of layoffs, dropped to 1.31 million in the seven days ended July 4 from a revised 1.41 million in the prior week, the Labor Department said Thursday. The figures are seasonally adjusted.

Economists polled by MarketWatch had forecast 1.40 million new claims. These figures reflect applications filed the normal way through state unemployment offices.

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