Initial Unemployment Claims Decrease from Previous Week's Level
According to the U.S. Department of Labor, in the week ending May 16th, initial unemployment claims totaled 2,348,000. This is a decrease of 249,000 from the previous week's revised level. Claims totaled 2,687,000 in the last week, and the 4-week moving average was 3,042,000, a decrease of 501,000 from week prior. The advance seasonally adjusted insured unemployment rate was 17.2% for the week ending May 9th, an increase of 1.7 percentage points from the previous week's revised rate.
The advance number of initial claims under state programs, unadjusted, reached 2,174,329 in the week ending May 16th. This represented a decrease of 182,265 or 7.7%. To compare, there were...
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