The Labor Department reported that <strong>initial jobless claims</strong> climbed higher last week to their highest level since January 15th, despite being up only 4,000. The range so far this year has been very low, so while claims are now at a 6-month high, it is still at a level that indicates labor market strength. Claims are going to be very important to monitor over the coming weeks for signs the labor market conditions are taking a turn for the worse. Claims in regular state programs increased 4,000 to 235,000 for the week ending July 2nd, after reporting 231,000 initial claims the prior week. The four-week moving average climbed to 232,500 from 231,750 the prior week. The total number of people continuing to receive regular ongoing state benefits, a report which is lagged one week, increased 51,000 to 1.375 million for the week ending June 25th.

The Labor Department reported that <strong>initial jobless claims</strong> climbed slightly higher last week, staying at a remarkably consistent level the last four weeks. Although sentiment towards the economy and the outlook have soured considerably, claims have been at a level that indicates a strong labor market. Claims in regular state programs decreased 2,000 to 231,000 for the week ending June 25th, after reporting 233,000 initial claims the prior week. The four-week moving average climbed to 231,750 from 224,500 the prior week. The total number of people continuing to receive regular ongoing state benefits, a report which is lagged one week, decreased 3,000 to 1.328 million for the week ending June 18th.