Jobless claims: New weekly filings reached a pandemic-era low of 360,000

[mahatmakanejeeves]

Source: Yahoo! Finance

Yahoo Finance

Jobless claims: New weekly filings reached a pandemic-era low of 360,000

Emily McCormick · Reporter
Thu, July 15, 2021, 8:30 AM

New weekly jobless claims fell to the lowest level since March 2020, closing back in on pre-pandemic levels as the rate of new joblessness slowed further.

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 10: 360,000 vs. 350,000 expected and a revised 386,000 during prior week

-- Continuing claims, week ended July 3: 3.241 million vs. 3.300 million expected and a revised 3.367 million during prior week

Initial unemployment claims extended a months-long downward trend and came in below the psychologically important 400,000 level for a third straight week. During the comparable week in mid-July last year, new filings totaled 1.5 million.

Continuing jobless claims also improved to the lowest level since March 2020. And the total number of claimants across all programs, including both regular state and pandemic-era federal unemployment programs, dipped markedly to 13.8 million during the week ended June 26. This represented a drop of nearly 400,000 from the previous week.

The weekly jobless claims numbers help capture the pace of those rendered newly unemployed. However, labor supply shortages have become the primary concern in returning the job market to its pre-pandemic conditions. The National Federation of Independent Business said that a historically elevated 46% of small business owners reported job openings that could not be filled in June, and that a record high of 39% of owners reported raising compensation in order to attract workers. In the Labor Department's latest June jobs report, the labor force participation rate stayed flat even as payroll gains handily exceeded estimates, reflecting an elevated number of workers still yet to reenter the workforce.

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Read more: https://finance.yahoo.com/news/weekly-jobless-claims-week-ended-july-10-2021-173250411.html

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New weekly jobless claims filed reach lowest level since March 2020
Another 360,000 Americans filed new weekly jobless claims, more than expected

[doc03]

1. If it goes to 361,000 next week the markets will

drop in worries the recovery is stalled.

[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, July 15, 2021

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS

SEASONALLY ADJUSTED DATA

In the week ending July 10, the advance figure for seasonally adjusted initial claims was 360,000, a decrease of 26,000 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 13,000 from 373,000 to 386,000. The 4-week moving average was 382,500, a decrease of 14,500 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 2,500 from 394,500 to 397,000.

The advance seasonally adjusted insured unemployment rate was 2.4 percent for the week ending July 3, unchanged from the previous week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending July 3 was 3,241,000, a decrease of 126,000 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 28,000 from 3,339,000 to 3,367,000. The 4-week moving average was 3,376,000, a decrease of 71,750 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 7,000 from 3,440,750 to 3,447,750.

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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 June 26 was 13,836,598, a decrease of 372,279 from the previous week. There were 30,597,536 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 21-1348-NAT

Program Contacts:
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