First Time Jobless Claims At 221K

New jobless claims came in right at expectations, at 221,000 in the June 29 week with the 4-week average slightly higher at 222,250. Continuing claims in lagging data for the June 22 week fell slightly to 1.686 million with this 4-week average edging lower to 1.687 million. The unemployment rate for insured workers remains at 1.2 percent. Jobless claims are pointing to strong demand for labor and healthy readings for Friday's employment report.