Unemployment Applications Revised Upward
Initial claims for state unemployment benefits dropped 14,000 to a seasonally adjusted 374,000, the Labor Department said. The prior week's figure was revised up to 388,000 from the previously reported 386,000.
Economists polled by Reuters had forecast claims falling to 385,000 last week. The four-week moving average for new claims, a better measure of labor market trends, fell 1,500 to 385,750.The initial claims data has no bearing on Friday's employment report, which is expected to show employers added 90,000 to their payrolls in June, according to a Reuters survey, after increasing them by 69,000 in May.