Weekly jobless claims, or first-time claims for unemployment benefits reported by the Labor Department.
The Labor Department reported weekly jobless claims were unchanged at 254,000 for the week ending July 9, lower than the estimate for 265,000. The prior week remained unchanged at the same 254,000.
While this marks 71 consecutive weeks of initial claims below 300,000, which is the longest streak since 1973, labor force participation rates are also at a low for a similiar period. Long-term chronic unemployment also impacts weekly jobless claims.
A Labor Department analyst said no special factors influenced the data and no state was triggered “on” the Extended Benefits program during the week ending June 25. The four-week moving average–which is considered a better gauge as it irons out volatility–was 259,000, a decline of 5,750 from the previous week’s unrevised average of 264,750.
The highest insured unemployment rates in the week ending June 25 were in Puerto Rico (3.2), Alaska (2.9), Connecticut (2.7), New Jersey (2.4), Pennsylvania (2.4), Wyoming (2.4), West Virginia (2.3), California (2.2), Illinois (2.0), and Rhode Island (2.0).
The largest increases in initial claims for the week ending July 2 were in Kentucky (+5,386), New York (+4,670), Ohio (+1,508), Illinois (+1,423), and South Carolina (+937), while the largest decreases were in California (-3,819), New Jersey (-1,859), Connecticut (-1,694), Maryland (-1,307), and Oregon (-1,230).
