US initial jobless claims and continuing claims
- initial jobless claims 1508K vs. 1290K estimate
- prior revised to 1566K from 1542K previously reported
- 4- week average 1773.50 vs 2008 yesterday
- continuing claims 20544K vs. 19850K estimate
- prior month revised to 20606K from 20929K previously reported
- The 4 week average 20814.75 vs 21906.75 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 `.5 million. That is a lot of new jobless claims.
