Initial jobless claims fell below 400,000 for the first time since early April last week. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended July 23 decreased by 24,000 to 398,000 from an upwardly revised 422,000 the previous week. Analysts surveyed by Econoday expected 425,000 new jobless claims last week with a range of estimates between 405,000 and 436,000. Most economists believe weekly jobless claims lower than 400,000 indicate the economy is expanding and jobs growth is strengthening. The four-week moving average, which is considered a less volatile indicator than weekly claims, declined by 8,500 to 413,750 from the prior week’s slightly revised 422,250. The seasonally adjusted insured unemployment rate for the week ended July 16 slid back to 2.9% from 3% the prior week, according to the Labor Department. The total number of people receiving some sort of federal unemployment benefits for the week ended July 9 rose to more than 7.6 million from 7.3 million the prior week. Write to Jason Philyaw.
Most Popular Articles
The lowest mortgage rates have ever been was around Thanksgiving 2012 when the interest rate for a 30-year fixed-rate mortgage fell to 3.31% (according to Freddie Mac data), but rising panic over the coronavirus could drive rates to lows never seen before. HW+ Premium Content
Effective January 3, 2022, the mortgage industry will cease using the long-standing LIBOR and, instead, adopt the new Secured Overnight Funding Rate (SOFR). With billions of dollars in ARM assets tied to the LIBOR index, this will have huge implications for the mortgage industry – and the consumers it serves.