First-time jobless claims drop by 5,000

WASHINGTON, July 4 (UPI) -- The U.S. Labor Department said first-time jobless benefits claims dropped by 5,000, to 343,000, in the week that ended Saturday.

The prior week's total for first time claims was revised from 346,000 to 348,000. This set the four-week rolling average at 345,500, down 750 from the previous week.

The largest increases in initial claims for the week ending June 22 were in California with a gain of 6,181, New Jersey with a gain of 4,952 and Oregon, up by 2,076.

The largest reported decreases were in Pennsylvania with a drop of 4,238), Florida, down by 2,050, and North Carolina with 2,009 fewer first-time claims.