US initial jobless claims and continuing claims
- prior report revised to 405K from 406K last week
- initial jobless claims 385K versus 387K estimate
- 4-week moving average of initial jobless claims 428K versus 458.5 K last week
- continuing claims 3771K versus 3614K estimate.
- 4 week moving average of continuing claims 3687.7 5K versus 3665K last week
- The initial claims data is the lowest since March 14 just before the pandemic surge when the level was at 256K.
- The largest increases in initial claims for the week ending May 22 were in Delaware (+2,187), Illinois (+1,688), Pennsylvania (+1,347), California (+773), and Rhode Island (+644),
- The largest decreases were in Washington (-8,020), New Jersey (-5,290), Florida (-4,679), Ohio (-3,844), and Michigan (-2,605).
People are going back to work as the economy continues the reopening process and wages adjust accordingly.
The ADP employment report earlier today also showed strength with a gain of 978K versus 650K estimate. The US jobs report will be released tomorrow at 8:30 AM ET with estimates around 665K. In May the change in payroll rose by a less expected 266K.
