Initial jobless claims dropped to 222,000, the lowest since late May, according to the Labor Department.

Initial jobless claims dropped by 17,000 to 222,000 in the week ending July 6, the lowest level since late May, according to the Labor Department. This comes as fewer Americans filed for unemployment benefits, with the total number of Americans collecting jobless benefits declining for the first time in 10 weeks. Despite high interest rates, the labor market remains sturdy.