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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