Jobless claims: Another 373,000 individuals filed new unemployment claims last week

[mahatmakanejeeves]

Source: Yahoo! Finance

Jobless claims: Another 373,000 individuals filed new unemployment claims last week

Emily McCormick · Reporter
Thu, July 8, 2021, 8:41 AM

New weekly jobless claims unexpectedly ticked higher last week in another sign of the labor market's choppy recovery.

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 July 3: 373,000 vs. 350,000 expected and a revised 371,000 during prior week

-- Continuing claims, week ended June 26: 3.339 million vs. 3.350 million expected and a revised 3.484 million during prior week

Despite the past week's slight bump higher, initial unemployment claims have been on the decline for months now, as vaccinations enabled re-openings that in turn fueled a need for workers across industries to keep up with consumer demand. New jobless claims are now coming in at about half the level from the beginning of 2021, and have plummeted compared to the more than 1 million claims coming in per week this time last year.

But Americans are still filing more first-time unemployment claims than they did in 2019, when new claims averaged just over 200,000 per week. And an elevated nearly 14.2 million Americans were still claiming some form of either state or federal unemployment benefits as of the week ended June 19.

At the same time, companies have kept reporting labor supply challenges, even as millions of individuals remain on the sidelines of the workforce. The Labor Department reported Wednesday that job openings rose to a record 9.2 million in May, the latest date for which data is available. And the employment subindices in the Institute for Supply Management's services and manufacturing reports slid into contractionary territory for the first time in months in June, reflecting the strain from labor scarcities.

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Read more: https://finance.yahoo.com/news/weekly-jobless-claims-week-ended-july-3-2021-173053034.html

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New weekly jobless filings were more than expected
Another 373,000 individuals filed new unemployment claims last week, 350,000 was expected

[mahatmakanejeeves]

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, July 8, 2021

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS

SEASONALLY ADJUSTED DATA

In the week ending July 3, the advance figure for seasonally adjusted initial claims was 373,000, an increase of 2,000 from the previous week's revised level. The previous week's level was revised up by 7,000 from 364,000 to 371,000. The 4-week moving average was 394,500, a decrease of 250 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 2,000 from 392,750 to 394,750.

The advance seasonally adjusted insured unemployment rate was 2.4 percent for the week ending June 26, a decrease of 0.1 percentage point from the previous week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending June 26 was 3,339,000, a decrease of 145,000 from the previous week's revised level. This is the lowest level for insured unemployment since March 21, 2020 when it was 3,094,000. The previous week's level was revised up 15,000 from 3,469,000 to 3,484,000. The 4-week moving average was 3,440,750, a decrease of 44,500 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 3,500 from 3,481,750 to 3,485,250.

{snip}

UNADJUSTED DATA

{snip. Emphasis mine}

The total number of continued weeks claimed for benefits in all programs for the week ending June 19 was 14,209,007, a decrease of 449,642 from the previous week. There were 33,228,122 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

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