US Jobless Claims Lowest in Five Years

Not expected

Claims for jobless benefits unexpectedly dropped to the lowest level in more than five years, extending swings typical for the month of July.

Applications (INJCJC) for unemployment insurance payments declined by 19,000 to 326,000 in the week ended July 27, the fewest since January 2008, from a revised 345,000 the prior week, the Labor Department reported today in Washington. The median forecast of 50 economists surveyed by Bloomberg called for 345,000. A government analyst said no states were estimated, and the data were still being influenced by the auto plant shutdowns that play havoc with the figures at this time of year.