–Continuing Claims Down -71k in May 28 Wk Adjusted

By Denny Gulino and Brai Odion-Esene

WASHINGTON (MNI) – Initial claims for U.S. state unemployment
benefits rose 1,000, and after an upward revision to the previous week,
reaching a level of 427,000 in the June 4 week — the ninth week solidly
back above 400,000, according to data released by the U.S. Labor
Department Thursday morning.

A Labor analyst said that there were no special factors and no
states estimated in the current week’s claims data, which was above
the 418,000 level expected in a Market News International survey of
economists. In the state-by-state data for the May 28 week, almost an
even split, with 26 states up and 27 down.

Initial claims were revised up 4,000 to 426,000 in the May 28 week.
After flirting with a below-400,000 level from early February to early
April, the level of claims has stayed above the 400,000 threshold since
the April 9 week.

Seasonal adjustment factors expected a decrease in unadjusted
claims of 4.6% and instead got a 4.5% decline of 16,990, to 364,507. A
year earlier the unadjusted level was 398,864.

The initial claims seasonally adjusted 4-week average dropped
2,750 to 424,000 in the May 28 week, compared to the year-earlier
level of 426,750.

Also in the May 28 week, adjusted continuing claims fell 71,000
to 3.676 million, the lowest since the April 16 week and well below the
year-earlier level of 4,523,000.

The seasonally adjusted insured unemployment rate slipped a
tenth back to 2.9% in the May 28 week, compared to 3.5% a year
earlier. The unadjusted insured unemployment rate was 2.7% in the
latest week.

The unemployment rate among the insured labor force is well below
that reported monthly by the Labor Department because claims are
approved for the most part only for job losers, not the job leavers and
labor force reentrants included in the monthly report.

The Labor Department said that there were 45,515 fewer unadjusted
Emergency Unemployment Compensation benefits claims in the May 21 week,
bringing that category to 3,372,090. Extended benefits claims fell 6,593
to 618,459. The total number of persons claiming unemployment benefits
in all programs unadjusted was 7,601,344 in the May 21 week, down
89,233.

** Market News International Washington Bureau: 202-371-2121 **

[TOPICS: MAUDS$,MT$$$$,M$U$$$,MAUDR$]