The unemployment claims surged in March as the US went into lock-down, accounting for more than 6 million jobless claims during the last two weeks of that month. The claims have been cooling off, but the unemployment has increased as continuing claims add up. Today’s report was expected to show less than 1,2 million claims, but the actual number remained above 1.5 million. Below is the jobless report:
US Unemployment Claims Report
- June Philly Fed +27.5 vs -21.4 expected
- Initial jobless claims 1,508K vs. 1,290K estimate
- Prior revised to 1,566K from 1,542K previously reported
- 4- week average 1,773.50 vs 2,008 yesterday
- continuing claims 20,544K vs. 19,850K estimate
- prior month revised to 20,606K from 20,929K previously reported
- The 4 week average 20,814.75 vs 21,906.75 last week
During the week ending May 30, 44 states reported 9,280,644 individuals claiming Pandemic Unemployment Assistance benefits and 35 states reported 1,077,319 individuals claiming Pandemic Emergency Unemployment Compensation benefits.
These benefits are to self employed and independent contractors who have been affected by the COVID-19 pandemic (or Uber economy). As a result, the overall numbers are worse than reported. The claims data continue to not show the positive impact that the monthly jobs data showed last nor greater impact from the re-opening. Initial claims are still above 1.5 million. That is a lot of new jobless claims.
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