Jobless Claims Drop, Beating Expectations Again
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Updated on July 11.
Initial jobless claims dropped by 17,000 in the week ending July 6, according to the latest data from the U.S. Department of Labor.
The weekly jobless claims, or initial claims, are the number of unemployment insurance claims filed in the past week. They provide an indicator of the strength — or weakness — of the labor market.
Jobless claims decreased to 222,000 for the week ending July 6, according to the report released on July 11. Last week’s level was revised to 239,000. The claims came in below what economists had estimated (239,000).
The new four-week moving average — a measurement of the number of people who filed for unemployment insurance for the first time over the last four weeks — was 233,500, which is 5,250 lower than the previous week’s revised average of 238,750.
What's the insured unemployment rate?
Not all types of unemployment are included as part of the insured unemployment rate. It only includes "covered unemployment," as in people who receive unemployment benefits. Those who quit their jobs, for example, aren't included in the insured unemployment rate because they aren't eligible for unemployment benefits.
The advance seasonally adjusted insured unemployment rate — the rate of continuous covered unemployment claims divided by covered employment — was 1.2% for the week ending June 29. The rate is unchanged from the unrevised rate for the previous week.
How are state labor markets doing?
States with the highest insured unemployment rates, week ending June 22:
New Jersey: 2.4%
California: 2.2%
Minnesota: 2.1%
Puerto Rico: 2.1%
Rhode Island: 2%
Connecticut: 1.8%
Pennsylvania: 1.8%
Illinois: 1.7%
Massachusetts: 1.7%
Washington: 1.7%
States with the largest increases in initial jobless claims, week ending June 29:
New York: +4,427
New Jersey: +2,557
Georgia: +1,849
California: +1,478
Iowa: +1,270
States with the largest decreases in initial jobless claims, week ending June 29:
Connecticut: -1,831
Wisconsin: -875
Minnesota: -731
Maryland: -690
Vermont: -534
» MORE: How is the economy doing?
