In another surprise to labor market analysts, initial filings for unemployment insurance saw an uptick for the week ending July 3.
As CNBC reports:
First-time jobless claims totaled 373,000 for the week ended July 3, compared with the 350,000 Dow Jones estimate. The previous week’s level was revised up by 7,000 from 364,000 to 371,000.
Other weekly Department of Labor reports show similar results. For instance, 412,000 people filed initial claims for the week ending June 12 — a figure that exceeded analysts’ predictions by nearly 15%.
The level of continuing claims, the measure of ongoing benefits, decreased to 3.34 million, down 145,000 from the previous week’s revised level. Despite the uptick in first-time applicants, the decreased number of continuing claims represented the lowest level for insured unemployment since March 2020. The four-week moving average for continuing claims, which smooths weekly volatility, fell by 44,500 to 3.44 million, also the lowest since March 2020.
In the weeks before COVID-19 and the lockdown-induced recession,