Applications for jobless benefits decreased by 14,000 in the week ended June 30 to 374,000, the fewest since mid May, Labor Department figures showed today. Economists forecast 385,000 claims, according to the median estimate in a Bloomberg News survey. A Labor Department spokesman said there was nothing unusual in the data.
The four-week moving average, a less-volatile measure, fell to 385,750 last week from 387,250.
The number of people continuing to collect jobless benefits climbed by 4,000 in the week ended June 23 to 3.31 million. The continuing claims figure does not include the number of workers receiving extended benefits under federal programs.
According to Bloomberg last week, that week’s figures were a disaster because they were slightly higher than Bloomberg’s “experts” predicted. Therefore these figures must be wonderful because they are lower than the “experts” predicted.
The figures lead to one inescapable conclusion. Bloomberg needs new experts.