The DOL reported:
In the week ending July 24, the advance figure for seasonally adjusted initial claims was 400,000, a decrease of 24,000 from the previous week’s revised level. The previous week’s level was revised up by 5,000 from 419,000 to 424,000. The 4-week moving average was 394,500, an increase of 8,000 from the previous week’s revised average. The previous week’s average was revised up by 1,250 from 385,250 to 386,500.
This does not include the 95,166 initial claims for Pandemic Unemployment Assistance (PUA) that was down from 109,868 the previous week.
The following graph shows the 4-week moving average of weekly claims since 1971.
The dashed line on the graph is the current 4-week average. The four-week average of weekly unemployment claims increased to 394,500.
The previous week was revised up.
Regular state continued claims increased to 3,269,000 (SA) from 3,262,000 (SA) the previous week.
Note: There are an additional 5,246,162 receiving Pandemic Unemployment Assistance (PUA) that increased from 5,133,938 the previous week (there are questions about these numbers). This is a special program for business owners, self-employed, independent contractors or gig workers not receiving other unemployment insurance. And an additional 4,233,883 receiving Pandemic Emergency Unemployment Compensation (PEUC) down from 4,134,716.
Weekly claims were at the consensus forecast.