First Time Jobless Claims Inch Higher

After hitting deep lows in mid June, initial jobless claims have been inching higher, up 3,000 in the June 30 week to 231,000. The 4-week average, at 224,500, is also moving higher, up 2,250 to 224,500. The increases, however, are limited and should have no effect on expectations for tomorrow's monthly employment report which was sampled during the June 16 week when initial claims came in at a very favorable 218,000.

Continuing claims, where data lag by a week, rose a noticeable 32,000 to 1.739 million though this 4-week average, at 1.718 million, is down 2,000 and at a new 45-year low. The unemployment rate for insured workers is unchanged at only 1.2 percent.