Initial claims for state unemployment benefits fell 17,000 to a seasonally adjusted 222,000 for the week ended July 6, the lowest level since late May, the Labor Department said on Thursday. Economists polled by Reuters had forecast 236,000 claims in the latest week.
The claims data included the Independence Day holiday. Claims tend to be volatile around holidays, and auto makers typically shut down assembly plants starting the July 4 week to retool for new models.
The timing can, however, vary from one manufacturer to the next, which can throw off the model that the government uses to smooth out the data for seasonal fluctuations.
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