US initial jobless claims fell -5k to 227k (vs 235k expected) in the week ending July 5th, easing from 232k the prior week. The 4-week moving average declined to 235.5k from 241.3k.

• Not seasonally adjusted initial claims rose 10k to 240.8k, below the 242.2k level from a year ago.
• Continued claims rose 10k to 1.965 million, below expectations of 1.980 million. The previous week’s total of 1.964 million was revised down to 1.955 million.
• The insured unemployment rate held steady at 1.3%, and the not seasonally adjusted rate increased 0.1 ppt to 1.3%.
• Federal employee claims (UCFE) dropped -15 to 438, up from 370 a year ago.

• NY and NJ saw a significant increase in layoffs in the week of Jun 28th, almost entirely in services industries.