WASHINGTON - Initial jobless claims fell 22,000 to 405,000 on a seasonally adjusted basis in the week ending July 9, the Labor Department reported Thursday.
That's the lowest level of initial claims since the week ended April 16.
Continuing claims for the week ending July 2 were 3.727 million.
Economists expected 415,000 initial jobless claims and 3.670 million continuing claims, according to the median estimate from Thomson Reuters.
Initial claims for the week ending July 2 were revised up to 427,000. The continuing claims figure for the previous week was revised to 3.712 million.
The four-week moving average of initial claims, a less volatile figure was, 423,250, down from a revised 427,000. The four week average for continuing claims in the week ending July 2 was 3.719 million, up from a revised 3.713 million.
There were 11,500 new claims reported by Minnesota based on the government shutdown which began June 30, a Labor Department official said.
Thirty-six states and territories had increases in reported claims, 16 had decreases.
Claims can be especially volatile this time of year because of annual summer shutdowns, mostly in the auto industry. Actual claims came in below what the Labor Department expected, leading the seasonal adjustment to produce a lower reported number.
