MarketWatch (07/16/15) Jeffry Bartash

The U.S. Department of Labor reported that new applications for U.S. unemployment benefits dropped by 15,000 to 281,000 in the seven days ended July 11, erasing a large increase from the previous week that stemmed from retoolings at auto plants and other seasonal quirks. Economists surveyed by MarketWatch had forecast initial claims to fall to 287,000 from a revised 296,000. The average of new claims over the past month increased by 3,250 to a seasonally adjusted 282,500, according to the department. Continuing jobless claims declined by 112,000 to 2.2 million in the week ended July 4.