The job market shows resilience as US initial jobless claims fall for the fifth consecutive week to a three-month low.

The number of initial jobless claims in the United States continued to decline for the fifth consecutive week last week, dropping to the lowest level since mid-April, indicating that the job market continues to show resilience. According to data released by the US Department of Labor on Thursday, the number of initial jobless claims decreased by 7,000 to 221,000 in the week ending July 12, while the median forecast of economists was 233,000. In the week before including the Independence Day holiday, the number of continued jobless claims remained basically unchanged at 1.96 million. After rising in May and June, the weekly number of applications has fallen to near pre-pandemic levels. However, the number of continued jobless claims remains near highs since 2021, indicating that as hiring slows down, unemployed individuals in the United States still face difficulties in finding new jobs. The four-week moving average of initial jobless claims, used to smooth out data fluctuations, fell to 229,500, the lowest level since early May. Before seasonal adjustment, the number of initial jobless claims increased by 19,539 to 260,900 last week. Unadjusted increases were highest in New York, Nevada, and Texas, while the number of applicants decreased in Michigan, New Jersey, and Tennessee. It is worth noting that some large companies, including Ricoh Holdings and Intel Corporation, have recently announced plans for layoffs.