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July Unemployment Claims Take a Nose-Dive

According the to the Labor Department, U.S. jobless claims dropped by 15K to 233K, vs an estimated 245K, its lowest level since February & tying a nearly 44-year low.

The mid-July unemployment claims data marks the 124th straight week where claims remained under the 300K benchmark. With the current unemployment rate at 4.4% and jobless claims touching numbers not seen since the 1970’s, it’s safe to say that the U.S. is currently operating in a robust labor market.

Sustained growth in the labor market strengthens the case for the Fed to maintain its interest rate hike agenda for 2017. There are two pending monthly Employment Reports ahead of September’s FOMC meeting, which are sure to weigh on the Fed’s closely watched rate hike decision.

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