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Unemployment Claims

From WSJ.com:  Worker filings for jobless benefits fell to 364,000 last week, reaching a new pandemic low as layoffs continue to recede.

The Labor Department said Thursday initial jobless claims in the week ended June 26 fell by a seasonally adjusted 51,000 from the prior week’s revised total of 415,000.

The drop brought the four-week moving average, which smooths out volatility in the weekly figures, down by 6,000 from the previous week’s average to 392,750, also a new pandemic low.

Jobless claims, a proxy for layoffs, are down by about 50% since the first week of April, but remain above pre-pandemic levels.

“The big picture is that they are in decline for the long term,” said AnnElizabeth Konkel, an economist at job-search site Indeed, referring to new claims totals.

Chart courtesy of advisorsperspectives.com