The unemployment claims surged during the lock-down months in the US, as they did all over the globe. The number of unemployed US citizens surged above 40 million at some points in April/May and the unemployment rate increased above 20% unofficially.

Unemployment claims started falling with the reopening, but they stalled above 1 million weekly for several weeks. That barrier was broken and claims declined again, but they have been stagnating again, this time above 800K. Today’s report was expected to show a slight decline to 820K, but jobless claims came at 840K.

Initial jobless claims and continuing claims

• Initial jobless claims 840K vs. estimate of 820K
• Four-week average 857K vs 870.25K last week
• Continuing claims continuing claims fall to 10976K a decrease of over 1 million for the week
• The four-week average came in at 12112.25K vs 12754,25 last week