Initial jobless claims fell sharply to a seasonally adjusted 209,000 for the week ending July 6, easily beating the consensus forecast. The 4-week moving average fell solidly by 3,250 to 219,250.
|Indicator||Prior||Prior Revised||Consensus Forecast||Forecast Range||Result|
|Initial jobless Claims||221 K||222 K||220 K||209 K to 224 K||209 K|
The advance seasonally adjusted insured unemployment rate remained unchanged at a very low 1.2% for the week ending June 29.
The advance number for seasonally adjusted insured unemployment rose 27,000 during the week ending June 29 to 1,723,000. The 4-week moving average rose 5,750 to 1,694,750, impacted by a temporary increase two weeks prior.
The Labor Department (DOL) said no state was triggered “on” the Extended Benefits program during the week ending June 22.
The highest insured unemployment rates in the week ending June 22 were in Puerto Rico (2.2), Connecticut (2.1), New Jersey (2.0), Pennsylvania (1.9), Alaska (1.8), California (1.8), Rhode Island (1.7), Massachusetts (1.6), and Illinois (1.5).
The largest increases in initial claims for the week ending June 29 were in New Jersey (+4,914), New York (+2,593), Michigan (+1,671), Alabama (+898), and Missouri (+820), while the largest decreases were in Pennsylvania (-4,119), Massachusetts (-2,311), California (-1,992), Connecticut (-1,692), and Maryland (-1,203).