Jobless claims drop by 14,000

WASHINGTON, July 5 (UPI) -- First-time jobless claims fell by 14,000 in the week ended Saturday, the U.S. Labor Department said.

Initial claims for unemployment benefits fell to 374,000 from the previous week's revised estimate of 388,000.

The four-week rolling average, which gives a steadier indication of the direction of jobless claims, was little changed, dropping by 1,500 to 385,750.

The largest increases in initial claims for the week ended June 23 were in California (up by 8,239), New Jersey (up by 4,894) and Massachusetts (up by 3,873).

The largest decreases were in Pennsylvania (down by 7,865), Maryland (down by 2,265) and Ohio (down by 1,588).

The U.S. unemployment rate is 8.2 percent, having risen 0.1 of a percentage point from April to May. An updated rate is scheduled for release on Friday.