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US Initial Claims Rebound From Juneteenth Decline, Continuing Jobless Claims Lowest Since Feb
After unexpectedly dropping in the prior week - allegedly due to Juneteenth adjustments - initial jobless claims were expected to rebound higher last week (despite the unexpected surge in ADP employment data) and they did. 248,000 Americans filed for first-time unemployment claims last week (up from 236k, revised lower - the prior week). On a NSA basis, claims erased all of the 'improvement' of the prior week. However, continuing claims continue to drift lower (at 1.72mm from 1.733mm last week). That is the lowest continuing claims print since Feb 2023. The apparent decoupling of initial vs continuing claims could be ... (full story)
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Unemployment Insurance Weekly Claims
In the week ending July 1, the advance figure for seasonally adjusted initial claims was 248,000, an increase of 12,000 from the previous week's revised level. The previous week's level was revised down by 3,000 from 239,000 to 236,000. The 4-week moving average was 253,250, a decrease of 3,500 from the previous week's revised average. The previous week's average was revised down by 750 from 257,500 to 256,750. The advance seasonally adjusted insured unemployment rate was 1.2 percent for the week ending June 24, unchanged from the previous week's unrevised rate. The advance number for seasonally adjusted insured ... (full story)