Jobless claims: Initial filings unexpectedly rose to 412,000 last week

[mahatmakanejeeves]

Source: Yahoo! Finance

Jobless claims: Initial filings unexpectedly rose to 412,000 last week

Emily McCormick·Reporter
Thu, June 17, 2021, 8:31 AM

Initial unemployment claims unexpectedly rose to end a six-week streak of improvements, even as economic activity ramped further. In the coming weeks, a phase-out of enhanced unemployment benefits across many states may decrease the total number of claimants.

The Department of Labor released its weekly report on new jobless claims on 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 12: 412,000 vs. 360,000 expected and 376,000 during prior week

-- Continuing claims, week ended May 5: 3.518 million vs. 3.425 million expected and 3.499 million during prior week

New filings were expected to hold below the psychologically important level of 400,000 for a third week and near their pre-pandemic average of just over 200,000 per week. Continuing jobless claims for regular state programs, reported on a one-week lag, have been choppier, but have still come down sharply from the more than 5 million reported each week as recently as early January.

Importantly, this week's jobless claims data reflect the last survey period during which full federal pandemic-era unemployment benefits were in place across all U.S. states. On June 12, Alaska, Iowa, Missouri and Mississippi became the first states to significantly reduce or fully slash enhanced federal unemployment benefits ahead of their official September expiration date. The move would affect claims for hundreds of thousands of individuals.

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Read more: https://finance.yahoo.com/news/weekly-jobless-claims-week-ended-june-12-2021-185005209.html

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This was the placeholder article before 8:30:

https://finance.yahoo.com/news/weekly-jobless-claims-week-ended-june-12-2021-185005209.html

Jobless claims preview: Initial filings expected to fall for seventh straight week to new pandemic low

Emily McCormick·Reporter
Wed, June 16, 2021, 2:50 PM

Initial unemployment claims likely dropped for a seventh straight week to a fresh pandemic-era low, with the number of newly unemployed individuals trending down as economic activity ramped further. In the coming weeks, a phase-out of enhanced unemployment benefits across many states may further decrease the total number of claimants.

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

-- Initial jobless claims, week ended June 12: 360,000 expected and 376,000 during prior week

-- Continuing claims, week ended May 5: 3.425 million expected and 3.499 million during prior week

New filings are expected to hold below the psychologically important level of 400,000 for a third week and near their pre-pandemic average of just over 200,000 per week. Continuing jobless claims for regular state programs, reported on a one-week lag, have been somewhat choppier, but have still come down sharply from the more than 5 million reported each week as recently as early January.

Importantly, this week's jobless claims data will reflect the last survey period during which full federal pandemic-era unemployment benefits were in place across all U.S. states. On June 12, Alaska, Iowa, Missouri and Mississippi became the first states to significantly reduce or fully slash enhanced federal unemployment benefits ahead of their official September expiration date. The move is poised to affect claims for hundreds of thousands of individuals.

{snip}

[mahatmakanejeeves]

1. From the source:

Last edited Thu Jun 24, 2021, 08:38 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, June 17, 2021

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS

SEASONALLY ADJUSTED DATA

In the week ending June 12, the advance figure for seasonally adjusted initial claims was 412,000, an increase of 37,000 from the previous week's revised level. The previous week's level was revised down by 1,000 from 376,000 to 375,000. The 4-week moving average was 395,000, a decrease of 8,000 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 500 from 402,500 to 403,000.

The advance seasonally adjusted insured unemployment rate was 2.5 percent for the week ending June 5, unchanged from the previous week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending June 5 was 3,518,000, an increase of 1,000 from the previous week's revised level. The previous week's level was revised up 18,000 from 3,499,000 to 3,517,000. The 4-week moving average was 3,603,750, a decrease of 55,000 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 7,500 from 3,651,250 to 3,658,750.

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UNADJUSTED DATA

{snip. Emphasis mine}

The total number of continued weeks claimed for benefits in all programs for the week ending May 29 was 14,828,950, a decrease of 559,873 from the previous week. There were 30,170,225 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 21-1108-NAT

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

[DallasNE]

2. Are Companies Now Firing People

That refuse to return to the office for work? Until daycare issues are fully addressed this will be an ongoing issue so in that respect this should have been expected.