In the week ending July 5, the advance figure for seasonally adjusted initial claims for unemployment insurance fell to 304,000, down from 315,000 the week prior. The four-week moving average, a less volatile gauge of underlying labor market conditions, was also down from the previous week, to just under 312,000. Claims have been relatively low and stable for the past seven weeks, averaging just under 312,000 and varying between 304,000 and 318,000. An average this low has not been seen since the seven-week period ending June 23, 2007.
