Initial unemployment claims were well below.>

US DATA: Initial unemployment claims were well below expectations in the 

July 7 wk, -18k to 214k vs 226k expected. Claims were revised up 

slightly to 232k in the June 30 wk. Claims are looked at cautiously in 

July due to the volatility of annual auto retooling shutdowns.

- The 4-wk moving avg -1,750 to 223,000 in the July 7 wk. The avg would 

fall further next week if the headline figure does not change as the 

218k level in June 16 wk rolls out.

- NSA claims +32,948 to 264,487 in the current wk, compared with the 

+54,180 that seasonal factors expected in the week that is the peak of  

the retooling shutdowns. The current wk's level is well below the year 

ago level of 284,329. 

- Claims were estimated for Hawaii and Maine.

- Continuing claims -3k to 1.739m in the June 30 wk. The 4-wk avg +9,500 

to 1.729m, breaking a string of 11 straight declines, but still near 

decades-low levels.