Home Business U.S weekly jobless claims total hits new pandemic-era low of 364,000

U.S weekly jobless claims total hits new pandemic-era low of 364,000

2 min read

Initial filings for unemployment insurance fell sharply last week, indicating continued improvement in the U.S. jobs market, the Labor Department reported Thursday.

First-time jobless claims totaled 364,000 for the week ended June 26, compared to the 390,000 Dow Jones estimate. That marked a new pandemic-era low and a decline of 51,000 from the previous week.

The last time there were fewer claims was the week of March 14, 2020, just before the worst of the economic damage hit.

The report comes a day before the government releases its much-anticipated nonfarm payrolls count for June. That is expected to show a gain of 706,000 against May’s 559,000, and a decrease in the unemployment rate to 5.6%. The most recent data will not figure into the June numbers from the Bureau of Labor Statistics as it is outside the survey week used for the report.

Employment has been on the upswing over the past year, though gains have decelerated lately as about 7 million workers who held jobs prior to the Covid-19 pandemic remain idle.

Despite the drop in weekly claims, the level of continuing claims increased to 3.47 million, up 56,000 from the previous week. However, that data runs a week behind the headline number and likely represents the unexpected upswing in the previous week’s count.

The four-week moving average for continuing claims, which smooths weekly volatility, fell by 75,000 to 3.48 million, the lowest since the week of March 21, 2020.

This is breaking news. Please check back here for updates.

Become a smarter investor with CNBC Pro.
Get stock picks, analyst calls, exclusive interviews and access to CNBC TV.
Sign up to start a free trial today.

Source link

Load More Related Articles
Load More By The Texas Chronicle
Load More In Business

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

Early Voting holds off Epicenter to win the Preakness Stakes

Jose Ortiz atop Early Voting wins the 147th running of the Preakness Stakes horse race at …