June data suggests strength in labor market, retail sales

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A couple key releases on Thursday are signaling good news for the U.S. economy.

Jobless claims are suggesting that the labor market remains strong. The figure for seasonally adjusted initial claims was 221,000 for the week ending July 12, marking a decrease of 7,000 from the previous week’s revised level, according to U.S. Department of Labor data.

Separately, retail sales in June rose more than expected.

Retail sales were up 0.6% from May, and up 3.5% from last year, according to data from the U.S. Census Bureau. That beat the 0.2% consensus estimate from Dow Jones. Sales excluding autos were also up 0.5% in the previous month, which also was better than the 0.3% estimate from economists polled by Dow Jones.