US initial jobless claims fell by 26,000 in the week ended June 24 to a total of 239,000, the US Department of Labor reported today. The previous week’s level was revised upward by 1,000. However, the four-week moving average of initial claims was at its highest since 2021.

ABC News noted economists were expecting the elevated claims numbers to continue above 260,000, where they had settled the past three weeks. “We have no specific explanation for this sudden dip, after three straight weeks in a narrow range from 262K to 265K, but observations for individual weeks always have to be viewed with skepticism, especially when they move against the established trend in claims and other data,” analysts with Contingent Macro Research said in a research note, ABC reported.

Meanwhile, the four-week moving average of claims rose by 1,500 to a level of 257,500. This is the highest level for this average since November 2021. The previous week’s average was revised upward by 250.