The destruction of the job market continued at only a slightly slower pace last week, according to the data from the Labor Department. New jobless claims cam in just slightly under 3.17 million, which at least represented a drop of more than two-thirds of a million from the previous week. However, this puts the overall initial jobless claims total in the COVID-19 pandemic at well over 33 million in just six weeks:
In the week ending May 2, the advance figure for seasonally adjusted initial claims was 3,169,000, a decrease of 677,000 from the previous week’s revised level. The previous week’s level was revised up by 7,000 from 3,839,000 to 3,846,000. The 4-week moving average was 4,173,500, a decrease of 861,500 from the previous week’s revised average. The previous week’s average was revised up by 1,750 from 5,033,250 to 5,035,000.
The advance seasonally adjusted insured unemployment rate was 15.5 percent for the week ending April 25, an increase of 3.1 percentage points from the previous week’s unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending April 25 was 22,647,000, an increase of 4,636,000 from the previous week’s revised level. The previous week’s level was revised up 19,000 from 17,992,000 to 18,011,000. The 4-week moving average was 17,097,750, an increase of 3,800,250 from the previous week’s revised average. The previous week’s average was revised up by 5,000 from 13,292,500 to 13,297,500.
That slightly exceeded the guesstimates from economists, Fox Business notes, but the bigger issue is continuing claims. Economists expected that to hit 19.5 million, but instead it came in at 22.6 million and change: