Jobless Claims Climb Again
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Updated on June 13.
Initial jobless claims went up by 13,000 in the week ending June 8, 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 increased to 242,000 for the week ending June 8, according to the report released on June 13. Last week’s level remained unrevised at 229,000. The claims came in above what economists had estimated (222,000).
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 227,000, which is 4,750 higher than the previous week’s revised average of 222,250.
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 1. 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 May 25:
New Jersey: 2.3%
California: 2.1%
Washington: 1.7%
Massachusetts: 1.6%
Rhode Island: 1.6%
Illinois: 1.5%
New York: 1.5%
Alaska: 1.4%
Connecticut: 1.4%
Nevada: 1.4%
Pennsylvania: 1.4%
Puerto Rico: 1.4%
States with the largest increases in initial jobless claims, week ending June 1:
Minnesota: +2,788
California: +1,974
Ohio: +1,692
Pennsylvania: +1,566
Florida: +784
States with the largest decreases in initial jobless claims, week ending June 1:
Michigan: -2,706
Texas: -1,822
Tennessee: -1,295
New York: -1,016
Georgia: -809
» MORE: How is the economy doing?
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