Jobless claims: Another 411,000 Americans filed new unemployment claims last week

[mahatmakanejeeves]

Source: Yahoo! Finance

Jobless claims: Another 411,000 Americans filed new unemployment claims last week

Emily McCormick·Reporter
Thu, June 24, 2021, 8:31 AM · 3 min read

New weekly jobless claims resumed declining last week but by a smaller than expected margin, underscoring the still-choppy recovery in the U.S. labor market.

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 19: 411,000 vs. 380,000 expected and 412,000 during prior week

-- Continuing claims, week ended June 12: 3.390 million vs. 3.460 million expected and 3.518 million during prior week

At 411,000 jobless claims still above their pandemic-era low of 375,000 and the 2019 average of just over 200,000 new claims per week. Last week's unexpected increase in new jobless claims ended a six-week streak of improvements in initial filings. But overall, initial filings have been unambiguously on the decline, with broader business reopenings from New York to Los Angeles helping stoke economic activity and demand for labor.

Issues in the labor market have now primarily been on the supply rather than demand side, and a plethora of companies have cited difficulties in finding workers to fill job openings. In the service sector, the rate of job creation was the slowest in three months in early June, according to data from IHS Markit.

Many economists suggested last week's uptick was likely an aberration rather than the start of a new trend. And even though new filings broke back above the psychologically important 400,000 last week, the four-week moving average for new jobless claims still moved lower, given the drop in new claims over the several weeks prior.

{snip}

Read more: https://finance.yahoo.com/news/weekly-jobless-claims-week-ended-june-19-2021-173140590.html

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Here's the placeholder headline:

Jobless claims preview: Another 380,000 Americans likely filed new unemployment claims last week

https://finance.yahoo.com/news/weekly-jobless-claims-week-ended-june-19-2021-173140590.html

Emily McCormick·Reporter
Wed, June 23, 2021, 1:31 PM

It was replaced by

JUST IN
More Americans filed for weekly jobless claims than expected
Another 411,000 Americans filed, 380,000 was expected

[mahatmakanejeeves]

1. From the source:

This, by the way, is my 37,000th post.

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 24, 2021

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS

SEASONALLY ADJUSTED DATA

In the week ending June 19, the advance figure for seasonally adjusted initial claims was 411,000, a decrease of 7,000 from the previous week's revised level. The previous week's level was revised up by 6,000 from 412,000 to 418,000. The 4-week moving average was 397,750, an increase of 1,500 from the previous week's revised average. The previous week's average was revised up by 1,250 from 395,000 to 396,250.

The advance seasonally adjusted insured unemployment rate was 2.4 percent for the week ending June 12, 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 12 was 3,390,000, a decrease of 144,000 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 16,000 from 3,518,000 to 3,534,000. The 4-week moving average was 3,552,500, a decrease of 55,250 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 4,000 from 3,603,750 to 3,607,750.

{snip}

UNADJUSTED DATA

{snip. Emphasis mine}

The total number of continued weeks claimed for benefits in all programs for the week ending June 5 was 14,845,450, an increase of 3,756 from the previous week. There were 31,337,556 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 21-1204-NAT

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

[Andrew54125]

2. I can imagine

The numbers keep rising, when will it ever come down? its really scary

[Yavin4]

3. It's going to be choppy for a while.

A lot of businesses closed. There are openings, but they may not be paying what the previous jobs paid.