Unemployment Claims Decrease Again: 1.3 Million Filed Last Week, Continuing Claims Drop by 698,000
Despite what the MSM says, the economy is recovering. Slowly, but it seems that each report gets better and better.
The Labor Department’s unemployment report shows the unemployment filing numbers continue to decrease as the economy starts to pick up after the coronavirus shutdown.
1.3 million Americans filed last week, which is down by 99,000 from the previous week. The continuing claims fall to 18.06 million, which is a drop of 698,000.
It also helps that revisions from the previous week also went down.
From The Labor Department:
In the week ending July 4, the advance figure for seasonally adjusted initial claims was 1,314,000, a decrease of 99,000 from the previous week’s revised level. The previous week’s level was revised down by 14,000 from 1,427,000 to 1,413,000. The 4-week moving average was 1,437,250, a decrease of 63,000 from the previous week’s revised average. The previous week’s average was revised down by 3,500 from 1,503,750 to 1,500,250.
The advance seasonally adjusted insured unemployment rate was 12.4 percent for the week ending June 27, a decrease of 0.5 percentage point from the previous week’s revised rate. The previous week’s rate was revised down by 0.3 from 13.2 to 12.9 percent. The advance number for seasonally adjusted insured unemployment during the week ending June 27 was 18,062,000, a decrease of 698,000 from the previous week’s revised level. The previous week’s level was revised down by 530,000 from 19,290,000 to 18,760,000. The 4-week moving average was 19,085,500, a decrease of 636,000 from the previous week’s revised average. The previous week’s average was revised down by 132,500 from 19,854,000 to 19,721,500.
Filed claims in the states are around 1.4 million, which is a decrease of 31,644 from the previous week.
I have to note that the government observed Independence Day on July 3, which “reduced the number of business days applicants had to file.” People also do not have to file the week a business lays them off.
The data shows that “new layoffs are being offset by hiring and recalling of workers.” The economy added around 7.5 million jobs in June and May.
The numbers will continue to be fluid since spikes in coronavirus cases have forced some states to close parts of the economy again.
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Comments
Every improvement in the unemployment rate and economic expansion brings new frantic howls of anguish from the media, who want us all locked into our basements in the dark until Biden can be elected.
Clueless Joe will make sure this number rises at an exponential rate.
So, 1.3 million NEW unemployment claims minus 0.7 million decrease in existing claims equals an INCREASE in unemployment claims of 0.6 – 0.7 million. That’s right another week of an increase in total unemployment claims. Happy days are hear again.
I would take any new claims numbers with a huge grain of salt. Throwing 20-million people out of work overwhelmed the State unemployment sites, and they have still not caught up with the backlog. I know a half-dozen people who filed over a month ago whose claim has still not yet been formally acknowledged. They cannot get through by telephone, and the “check status” stuff on the State websites don’t show anything.