Weekly Unemployment Claims Fall More Than Forecast

The Labor Department said the advance figure for seasonally adjusted initial claims was 254,000 for the week ending July 2, a decrease of 16,000. The previous week’s level was revised up by 2,000 from 268,000 to 270,000.

The weekly jobless claims report came in lower than the median forecast calling for 270,000. While the report marks 70 consecutive weeks of initial claims below 300,000, the longest streak since 1973, these numbers are highly influences by chronic long-term unemployment and labor force participation, both of which are also at their worst level since the 1970s.

A Labor Department analyst said were no special factors impacting this week’s initial claims and no state was triggered “on” the Extended Benefits program during the week ending June 18.

The four-week moving average was 264,750, a decrease of 2,500 from the previous week’s revised average. The previous week’s average was revised up by 500 from 266,750 to 267,250.

There were 7,215 former Federal civilian employees claiming UI benefits for the week ending June 18, a decrease of 233 from the previous week. Newly discharged veterans claiming benefits totaled 13,212, an increase of 124 from the prior week.

The highest insured unemployment rates in the week ending June 18 were in Puerto Rico (3.1), Alaska (2.9), Connecticut (2.4), Pennsylvania (2.4), West Virginia (2.4), Wyoming (2.4), New Jersey (2.3), California (2.2), Illinois (2.0), Massachusetts (1.8), New Mexico (1.8), and Nevada (1.8).

The largest increases in initial claims for the week ending June 25 were in New Jersey (+6,715), California (+5,163), Massachusetts (+3,248), Michigan (+2,704), and New York (+1,943), while the largest decreases were in Pennsylvania (-2,671), Wisconsin (-1,595), Florida (-1,107), South Carolina (-852), and Ohio (-660).