Jobless claims fell to 208,000 as layoffs stayed low

Layoffs are not climbing. Initial claims for unemployment insurance fell to 208,000 in the week ending July 11, down 8,000 from a revised 216,000, the Labor Department reported on Thursday. The four-week moving average, which smooths the weekly swings, eased to 214,250. Continuing claims, the count of people still drawing benefits, fell to 1,805,000 for the week ending July 4, and the seasonally adjusted insured unemployment rate held at 1.2 percent. Claims near 210,000 are historically low and point to employers holding on to staff even as hiring has slowed. The initial figure is an advance estimate and is often revised.