Weekly Initial Unemployment Claims decrease to 222,000
The DOL reported:
In the week ending June 2, the advance figure for seasonally adjusted initial claims was 222,000, a decrease of 1,000 from the previous week's revised level. The previous week's level was revised up by 2,000 from 221,000 to 223,000. The 4-week moving average was 225,500, an increase of 2,750 from the previous week's revised average. The previous week's average was revised up by 500 from 222,250 to 222,750.The previous week was revised up.
Claims taking procedures in Puerto Rico and in the Virgin Islands have still not returned to normal.
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 225,500.
This was close to the consensus forecast. The low level of claims suggest few layoffs.