US initial jobless claims in continuing claims.
- Prior report 444K unrevised. That was the lowest since March 14, 2020
- Initial jobless claims 406K versus 425K estimate. Down 38,000 and the week
- 4-week moving average of initial jobless claims 458.75K vs 504.75K.
- Continuing claims 3642K vs 3680K estimate.
- 4 week moving average of continuing claims 3675K vs last week's 3677.75K.
- During the week ending May 8, 51 states reported 6,515,657 continued weekly claims for Pandemic Unemployment Assistance benefits and 51 states reported 5,191,642 continued claims for Pandemic Emergency Unemployment Compensation benefits. Last week 51 states reported 6,605,416 claims and 5,141,311 continued claims.
- The largest increases in initial claims for the week ending May 15 were in New Jersey (+4,812), Washington (+3,023), Minnesota (+1,806), West Virginia (+907), and Rhode Island (+792),
- The largest decreases were in Georgia (-7,392), Kentucky (-7,123), Texas (-3,881), Michigan (-3,560), and Florida (-2,994).
The number is the lowest since March 14 just before the pandemic surge. That level was at 256K. The claims data continues to move steadily to the downside.
There are expectations that once the Covid employment benefits lapse in September, that the weekly claims data will fall even more sharply as those choosing to receive government aid instead of working, decide to go back to work.
