Initial jobless claims fell to 187,000 last week, down 22,000 and well below what forecasters expected

187,000. That is the number of Americans who filed a first claim for unemployment insurance in the week ending July 18, down 22,000 from the week before.

The Labor Department reported the figure on Thursday. The previous week was revised up by 1,000, to 209,000. The four-week moving average, which strips out the week-to-week swings, fell by 7,250 to 207,500. Forecasters had looked for something closer to 211,000.

The continuing side of the report was quiet. The insured unemployment rate stayed at 1.2 percent for the week ending July 11. The number of people already collecting benefits fell by 2,000, to 1,796,000.

Claims are a layoff gauge, not a hiring gauge. A reading this low says employers are not letting people go, which is the strength in the current market and the reason the labor side of the Federal Reserve's mandate is not pressing for a cut. It says nothing about how easily someone out of work is finding the next job.