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Weekly Initial Unemployment Claims decrease to 411,000

The DOL reported:

In the week ending June 19, the advance figure for seasonally adjusted initial claims was 411,000, a decrease of 7,000 from the previous week’s revised level. The previous week’s level was revised up by 6,000 from 412,000 to 418,000. The 4-week moving average was 397,750, an increase of 1,500 from the previous week’s revised average. The previous week’s average was revised up by 1,250 from 395,000 to 396,250.
emphasis added

This does not include the 104,682 initial claims for Pandemic Unemployment Assistance (PUA) that was up from 97,762 the previous week.

The following graph shows the 4-week moving average of weekly claims since 1971.

Click on graph for larger image.

The dashed line on the graph is the current 4-week average. The four-week average of weekly unemployment claims increased to 397,750.

The previous week was revised up.

Regular state continued claims decreased to 3,390,000 (SA) from 3,534,000 (SA) the previous week.

Note: There are an additional 5,950,167 receiving Pandemic Unemployment Assistance (PUA) that decreased from 6,125,524 the previous week (there are questions about these numbers). This is a special program for business owners, self-employed, independent contractors or gig workers not receiving other unemployment insurance.  And an additional 5,273,180 receiving Pandemic Emergency Unemployment Compensation (PEUC) up from 5,165,249.

Weekly claims were higher than the consensus forecast.

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