Weekly jobless claims fell for a sixth straight week to new pandemic-era low

[mahatmakanejeeves]

Source: Yahoo! Finance

Yahoo Finance

Weekly jobless claims fell for a sixth straight week to new pandemic-era low

Emily McCormick·Reporter
Thu, June 10, 2021, 8:31 AM

U.S. states saw the fewest new unemployment claims since March 2020 last week, with initial filings down for a sixth straight week as economic activity picked up further.

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 5: 376,000 vs. 370,000 expected and 385,000 last week

-- Continuing claims, week ended May 22: 3.499 million vs. 3.650 million expected and 3.771 million last week

Economists expected new filings would come in below the psychologically important level of 400,000 for a back-to-back week and came ever-closer to their pre-pandemic average of just over 200,000 per week. Jobless claims have also set new pandemic-era lows for each of the past five consecutive weeks, trending lower in tandem with rising labor demand during the recovery.

Despite the drop in headline new unemployment claims, the total number of individuals still claiming unemployment benefits has remained elevated, exacerbating concerns over widespread labor shortages.

{snip}

Read more: https://finance.yahoo.com/news/weekly-jobless-claims-week-ended-june-5-2021-191515377.html

[bearsfootball516]

1. Building back better!

[mahatmakanejeeves]

2. 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 10, 2021

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS

SEASONALLY ADJUSTED DATA

In the week ending June 5, the advance figure for seasonally adjusted initial claims was 376,000, a decrease of 9,000 from the previous week's unrevised level of 385,000. This is the lowest level for initial claims since March 14, 2020 when it was 256,000. The 4-week moving average was 402,500, a decrease of 25,500 from the previous week's unrevised average of 428,000. This is the lowest level for this average since March 14, 2020 when it was 225,500.

The advance seasonally adjusted insured unemployment rate was 2.5 percent for the week ending May 29, a decrease of 0.2 percentage point from the previous week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending May 29 was 3,499,000, a decrease of 258,000 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 down by 14,000 from 3,771,000 to 3,757,000. The 4-week moving average was 3,651,250, a decrease of 35,250 from the previous week's revised average. This is the lowest level for this average since March 28, 2020 when it was 3,611,750. The previous week's average was revised down by 1,250 from 3,687,750 to 3,686,500.

{snip}

UNADJUSTED DATA

{snip. Emphasis mine}

The total number of continued weeks claimed for benefits in all programs for the week ending May 22 was 15,349,465, a decrease of 95,099 from the previous week. There were 30,020,457 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 21-1041-NAT

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

[JohnSJ]

3. What a lot of the media seems to be pushing this morning is the inflation numbers

[RussBLib]

4. I'm sure it's not fast enough for the GOP

Despite jobs being hemorraged under T****