Jobless Claims Resumed Decline Last Week

[mahatmakanejeeves]

Source: The Wall Street Journal.

ECONOMY U.S. ECONOMY

Jobless Claims Resumed Decline Last Week

New filings for unemployment benefits remain near a pandemic low

By Bryan Mena
[e-mail]
Updated July 29, 2021 8:47 am ET

Workers' filings for new unemployment benefits resumed their decline last week and remain near a pandemic low as the labor market continues to recover from the pandemic, economists say.

New jobless claims dropped slightly to 400,000 for the week ended July 24 from a revised 424,000 the week before, the Labor Department reported Thursday. The four-week moving average, which smooths out volatility in the weekly figures, edged higher to 394,500.

The labor market and overall economy are expected to continue recovering from a sharp downturn earlier in the pandemic. But economists cite uncertainty from the Delta variant of Covid-19, continuing supply-chain constraints and a shortage of available workers as risks to the outlook.

"I do expect to see job growth pick up, but I'm not sure how and when these issues are going to be resolved and how households are going to respond," said Rubeela Farooqi, chief U.S. economist at High Frequency Economics.

Employers added 850,000 jobs in June, the most in 10 months, and workers' wages also increased.

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Read more: https://www.wsj.com/articles/weekly-jobless-claims-07-29-2021-11627519239

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Workers' filings for new unemployment benefits resumed their decline last week and remain near a pandemic low as the labor market continues to recover from the pandemic, economists say

Link to tweet

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It's past 8:30. Where are the articles?

Here's the placeholder article:

https://www.wsj.com/articles/weekly-jobless-claims-07-29-2021-11627519239

ECONOMY U.S. ECONOMY

Jobless Claims Are Expected to Remain Near Pandemic Low

Economists estimate new filings for unemployment benefits resumed their decline after a one-week rise

By Bryan Mena
July 29, 2021 5:30 am ET

Workers' filings for new unemployment benefits likely resumed their decline last week and remain near a pandemic low as the labor market continued to recover from the crisis, economists said.

Economists surveyed by The Wall Street Journal estimated that initial jobless claims for the week ended July 24 dropped to 380,000 from 419,000 the week before. From early May to July 17, filings for benefits have dropped by more than 17%, though they remain elevated from their pre-pandemic level. The four-week moving average, which smooths out volatility in the weekly figures, was slightly above its pandemic low last week.

The labor market and overall economy are expected to continue recovering from a sharp downturn earlier in the pandemic. Economists cite uncertainty from the Delta variant of Covid-19, continuing supply-chain constraints and a shortage of available workers as factors to watch regarding the outlook.

"I do expect to see job growth pick up, but I'm not sure how and when these issues are going to be resolved and how households are going to respond," said Rubeela Farooqi, chief U.S. economist at High Frequency Economics.

Employers added 850,000 jobs in June, the most in 10 months, and workers' wages increased. The number of people receiving jobless benefits has declined.

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[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 29, 2021

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS

SEASONALLY ADJUSTED DATA

In the week ending July 24, the advance figure for seasonally adjusted initial claims was 400,000, a decrease of 24,000 from the previous week's revised level. The previous week's level was revised up by 5,000 from 419,000 to 424,000. The 4-week moving average was 394,500, an increase of 8,000 from the previous week's revised average. The previous week's average was revised up by 1,250 from 385,250 to 386,500.

The advance seasonally adjusted insured unemployment rate was 2.4 percent for the week ending July 17, unchanged from the previous week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending July 17 was 3,269,000, an increase of 7,000 from the previous week's revised level. The previous week's level was revised up 26,000 from 3,236,000 to 3,262,000. The 4-week moving average was 3,290,750, a decrease of 53,750 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 6,500 from 3,338,000 to 3,344,500.

{snip}

UNADJUSTED DATA

{snip. Emphasis mine}

The total number of continued weeks claimed for benefits in all programs for the week ending July 10 was 13,156,252, an increase of 582,403 from the previous week. There were 31,898,353 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 21-1419-NAT

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

[BumRushDaShow]

2. I was gonna throw their tweet in my GDP LBN thread as a side note

https://www.democraticunderground.com/10142777017

(but figured you would get that in a separate thread since you do this weekly anyway )

Link to tweet

TEXT

US Labor Department
@USDOL
Unemployment Insurance Weekly Claims

Initial claims were 400,000 for the week ending 7/24 (-24,000).

Insured unemployment was 3,269,000 for the week ending 7/17 (+7,000).

https://dol.gov/ui/data.pdf
8:30 AM · Jul 29, 2021

[mahatmakanejeeves]

3. I'm cool with that, as the kids say. NT