US initial jobless claims fell -7k to 221k (vs 235k expected) in the week ending July 12, down from 228k the prior week. The 4-week moving average declined to 229.5k from 235.8k.

• Not seasonally adjusted initial claims rose +19.5k to 260.9k, down from 280.6k in the same week a year ago.
• Continued claims rose 2k to 1.956 million, below expectations of an increase to 1.970 million The insured unemployment rate held steady at 1.3%.
• Federal employee claims (UCFE) rose 158 to 596, well above 321 a year ago.

• Last week, Michigan, Kentucky, and Ohio all reported significant layoffs in the manufacturing industries.