As bad as the weekly jobless claims numbers have been, at least they have trended in the right direction. Until now, anyway. This week’s initial jobless claims number shows only a slight decline from the previous week, suggesting that the employment situation remains very unstable.
For the 13th straight week, the number comes in at over a million claims, a level not seen before the COVID-19 pandemic:
In the week ending June 13, the advance figure for seasonally adjusted initial claims was 1,508,000, a decrease of 58,000 from the previous week’s revised level. The previous week’s level was revised up by 24,000 from 1,542,000 to 1,566,000. The 4-week moving average was 1,773,500, a decrease of 234,500 from the previous week’s revised average. The previous week’s average was revised up by 6,000 from 2,002,000 to 2,008,000.
The advance seasonally adjusted insured unemployment rate was 14.1 percent for the week ending June 6, unchanged from the previous week’s revised rate. The previous week’s rate was revised down by 0.3 from 14.4 to 14.1 percent. The advance number for seasonally adjusted insured unemployment during the week ending June 6 was 20,544,000, a decrease of 62,000 from the previous week’s revised level. The previous week’s level was revised down by 323,000 from 20,929,000 to 20,606,000. The 4-week moving average was 20,814,750, a decrease of 1,092,000 from the previous week’s revised average. The previous week’s average was revised down by 80,750 from 21,987,500 to 21,906,750.