Initial unemployment claims were well below.>

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

July 14 wk, -8k to 207k vs 220k expected. Claims were revised up 

slightly to 215k in the July 7 wk. Initial claims are at the 

lowest level since the December 6, 1969 week. Claims are looked at 

cautiously in July due to the volatility of annual auto retooling shutdowns.

- The 4-wk moving avg -2,750 to 220,500 in the July 14 wk. The avg would 

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

228k level in June 23 wk rolls out.

- NSA claims -33,522 to 231,347 in the current wk, compared with the 

-25,328 that seasonal factors expected in the week. The current wk's 

level is well below the year ago level of 257,763. 

- Claims were estimated for Maine.

- Continuing claims +8k to 1.751m in the July 7 wk. The 4-wk avg +6,250 

to 1.736m.