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Thu Jun 3, 2021, 08:31 AM

Jobless claims: Initial filings broke below 400,000 for the first time since March 2020

Source: Yahoo! Finance

Jobless claims: Initial filings broke below 400,000 for the first time since March 2020

Emily McCormick·Reporter
Thu, June 3, 2021, 8:30 AM

New jobless claims fell for a fifth consecutive week to reach a new 14-month low as fewer and fewer Americans become newly unemployed during the recovery out of the COVID-19 pandemic.

The Department of Labor released its weekly report on new jobless claims Thursday at 8:30 a.m. ET. Here were the main metrics from the report, compared to consensus data compiled by Bloomberg:

-- Initial jobless claims, week ended May 29: 385,000 vs. 387,000 expected and 406,000 last week

-- Continuing claims, week ended May 22: 3.771 million vs. 3.614 million expected and 3.642 million last week

New jobless claims fell below 400,000 for the first time since the start of the pandemic in the U.S., bringing new filings within striking distance of their pre-pandemic weekly rate. New claims were averaging just over 200,000 per week throughout 2019.

With new filings tumbling consistently over the last several months, a central focus of the weekly reports has transitioned to the number of Americans still claiming benefits across all programs. That metric has remained stubbornly elevated even as the pandemic's grip on the U.S. begins to abate.

{snip}

Read more: https://finance.yahoo.com/news/weekly-jobless-claims-week-ended-may-29-2021-183006441.html

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Reply Jobless claims: Initial filings broke below 400,000 for the first time since March 2020 (Original post)
mahatmakanejeeves Jun 3 OP
mahatmakanejeeves Jun 3 #1

Response to mahatmakanejeeves (Original post)

Thu Jun 3, 2021, 08:34 AM

1. From the source:

https://www.dol.gov/ui/data.pdf

News Release

Connect with DOL at
https://blog.dol.gov

TRANSMISSION OF MATERIALS IN THIS RELEASE IS EMBARGOED UNTIL
8:30 A.M. (Eastern) Thursday, June 3, 2021

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS

SEASONALLY ADJUSTED DATA


In the week ending May 29, the advance figure for seasonally adjusted initial claims was 385,000, a decrease of 20,000 from the previous week's revised level. This is the lowest level for initial claims since March 14, 2020 when it was 256,000. The previous week's level was revised down by 1,000 from 406,000 to 405,000. The 4-week moving average was 428,000, a decrease of 30,500 from the previous week's revised average. This is the lowest level for this average since March 14, 2020 when it was 225,500. The previous week's average was revised down by 250 from 458,750 to 458,500.

The advance seasonally adjusted insured unemployment rate was 2.7 percent for the week ending May 22, an increase of 0.1 percentage point from the previous week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending May 22 was 3,771,000, an increase of 169,000 from the previous week's revised level. The previous week's level was revised down by 40,000 from 3,642,000 to 3,602,000. The 4-week moving average was 3,687,750, an increase of 22,750 from the previous week's revised average. The previous week's average was revised down by 10,000 from 3,675,000 to 3,665,000.

{snip}

UNADJUSTED DATA

{snip. Emphasis mine}

The total number of continued weeks claimed for benefits in all programs for the week ending May 15 was 15,435,982, a decrease of 366,178 from the previous week. There were 30,770,615 weekly claims filed for benefits in all programs in the comparable week in 2020.

{snip the rest of the twelve-page news release, until the end}

Weekly Claims Archives
Weekly Claims Data

U.S. Department of Labor news materials are accessible at http://www.dol.gov. The Department's Reasonable Accommodation Resource Center converts Departmental information and documents into alternative formats, which include Braille and large print. For alternative format requests, please contact the Department at (202) 693-7828 (voice) or (800) 877-8339 (federal relay).

U.S. Department of Labor
Employment and Training Administration
Washington, D.C. 20210
Release Number: USDL 21-998-NAT

Program Contacts:
Thomas Stengle: (202) 693-2991
Media Contact: (202) 693-4676

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