Unemployment benefit claims in the United States fell less than expected last week, showing only a gradual improvement from the worst of the pandemics Fires even as states reopen their economies more.
Initial unemployment claims for regular public programs amounted to 1.51 million during the week ended June 13, down slightly from 1.57 million revised up the previous week, according to figures from the Department of Labor Thursday. The weekly decline of 58,000 was the smallest since demand started to decline in early April. The median estimate in a Bloomberg survey of economists predicted 1.29 million initial requests in the past week.
Continuing claims – the total number of Americans claiming current unemployment benefits in public programs – fell to 20.5 million in the week ended June 6, compared to a median projection of 19.9 million. These figures are communicated with a lag of one week.
US equity futures fell as investors weighed the latest data and reports on new coronavirus outbreaks in China and America. The treasures have extended their advance.
According to several parameters, the economy has rebounded at a faster rate than many had anticipated. Corporate payroll increased by several million in May and consumer spending on cars, restaurant meals and more jumped last month, exceeding expectations as states eased restrictions. But the unemployment demand data remains a glaring spot showing the churn and volatility in a labor market that has entered the year in solid form.
Federal Reserve Chairman Jerome Powell Highlighted This Dichotomy to lawmakers Tuesday when he said, “We expect to see a large number of people during this period returning to work during this second period – call it the rebound or the start of the recovery,” said Powell. . “Then we think, and I think most if not all of the forecasters think, that will leave us well below what we were in February. ”
Given the unprecedented surge in claims in recent months, many economists are turning to seasonally unadjusted figures for a more accurate reading of claims. Continued unadjusted claims actually rose from almost 26,000 to 18.7 million, boosted by a jump of almost a quarter of a million in California from the previous week. Initial unadjusted claims fell more than 128,000 last week.
In addition to California, unadjusted continuing claims increased by almost 110,000 in Texas and Oregon jumped more than 144,000.
During the week ended June 13, states reported 760,526 initial requests for help with an unemployment pandemic, the federal program that extends unemployment benefits to those who are generally not eligible such as the self-employed. The total number of unadjusted claims across all programs decreased slightly to 29.2 million in the week ended May 30.
– With the help of Jordan Yadoo and Sophie Caronello