Initial Jobless: -12,000 to 308 000

" First-time claims for jobless benefits fell last week to the lowest in almost two months, adding to evidence that the labor market is holding up going into the second half of the year.

Initial jobless claims decreased by 12,000 to 308,000 in the week that ended July 7, the Labor Department said today in Washington. The four-week moving average, a less volatile measure, dropped to 317,750 from 319,250.

The figures suggest employers are holding on to workers as the rate of unemployment hovers close to its lowest in six years. Strength in the job market, with rising payrolls and income, will help sustain consumer spending even as fuel costs rise and home values decline, economists said. "

Source: U.S. Initial Jobless Claims Fell 12,000 to 308,000 Last Week (http://www.bloomberg.com/apps/news?pid=20601087&sid=aCEaobDLNwaA&refer=home)