Jobless claims: Another 364,000 Americans filed new unemployment claims last week

[mahatmakanejeeves]

Source: Yahoo! Finance

Jobless claims: Another 364,000 Americans filed new unemployment claims last week

Emily McCormick · Reporter
Thu, July 1, 2021, 8:31 AM·3 min read

New weekly jobless claims fell back below the 400,000 level for the first time in three weeks, resuming improvements after a brief bump higher in initial filings.

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 June 26: 364,000 vs. 388,000 expected and an upwardly revised 415,000 during prior week

-- Continuing claims, week ended June 19: 3.469 million vs. 3.340 million expected and an upwardly revised 3.413 million during prior week

At 364,000, new filings reached the lowest level since March 2020. Prior to Thursday's report, initial unemployment claims had stagnated in recent weeks, holding stubbornly above the 400,000 level even as employers across the economy struggle to fill open positions. However, the overall trend has improved markedly over a longer time horizon, with new claims coming in at about half their total from the beginning of 2021. New claims were coming in at just over 200,000 per week on average throughout 2019.

Many economists are looking for further improvement in the coming months. This would coincide with school reopenings to help alleviate the burden of finding childcare, an increase in consumer mobility and demand over the summer, and a phase-out of federal enhanced unemployment benefits.

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Read more: https://finance.yahoo.com/news/weekly-jobless-claims-week-ended-june-26-2021-183250322.html

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On the Yahoo! Finance splash page:

JUST IN:
Weekly jobless claims fall below 400,000 to a new pandemic-era low

[mahatmakanejeeves]

1. From the source:

Last edited Thu Jul 8, 2021, 09:16 AM - Edit history (1)

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, July 1, 2021

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS

SEASONALLY ADJUSTED DATA

In the week ending June 26, the advance figure for seasonally adjusted initial claims was 364,000, a decrease of 51,000 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 up by 4,000 from 411,000 to 415,000. The 4-week moving average was 392,750, a decrease of 6,000 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 up by 1,000 from 397,750 to 398,750.

The advance seasonally adjusted insured unemployment rate was 2.5 percent for the week ending June 19, unchanged from the previous week's revised rate. The previous week's rate was revised up by 0.1 from 2.4 to 2.5 percent. The advance number for seasonally adjusted insured unemployment during the week ending June 19 was 3,469,000, an increase of 56,000 from the previous week's revised level. The previous week's level was revised up 23,000 from 3,390,000 to 3,413,000. The 4-week moving average was 3,481,750, a decrease of 75,000 from the previous week's revised average. This is the lowest level for this average since March 21, 2020 when it was 2,071,750. The previous week's average was revised up by 4,250 from 3,552,500 to 3,556,750.

{snip}

UNADJUSTED DATA

{snip. Emphasis mine}

The total number of continued weeks claimed for benefits in all programs for the week ending June 12 was 14,659,791, a decrease of 180,890 from the previous week. There were 32,118,436 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 [phone] (voice) or [phone] (federal relay).

U.S. Department of Labor
Employment and Training Administration
Washington, D.C. 20210
Release Number: USDL 21-1252-NAT

Program Contacts:
Thomas Stengle: [phone]
Media Contact: [phone]

[RussBLib]

2. whew, I'm glad I retired recently

my old company has gone thru two rounds of job cuts and consolidation since I retired, plus they moved 15 miles west of where I was working, and the commute would have SUCKED. I feel lucky, while the world seems to be burning.