ADP giveth, the Department of Labor taketh away. Yesterday, the private-sector payroll giant reported job losses of only a third of what economist projected for May, suggesting that the restart of the US economy might have gone faster than anyone hoped. Today’s data on jobless claims cast some cold water on those assumptions, however, especially on continuing claims.
Let’s look at the topline numbers first, which at least continue to show improvement. For the first time since the COVID-19 crisis began, initial weekly jobless claims are under two million:
In the week ending May 30, the advance figure for seasonally adjusted initial claims was 1,877,000, a decrease of 249,000 from the previous week’s revised level. The previous week’s level was revised up by 3,000 from 2,123,000 to 2,126,000. The 4-week moving average was 2,284,000, a decrease of 324,750 from the previous week’s revised average. The previous week’s average was revised up by 750 from 2,608,000 to 2,608,750.