In the week ending June 13, the advance figure for seasonally adjusted initial claims was 608,000, an increase of 3,000 from the previous week's revised figure of 605,000. The 4-week moving average was 615,750, a decrease of 7,000 from the previous week's revised average of 622,750.
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The advance number for seasonally adjusted insured unemployment during the week ending June 6 was 6,687,000, a decrease of 148,000 from the preceding week's revised level of 6,835,000.
Continued claims decreased to 6.69 million. This is 5.0% of covered employment.
Note: continued claims peaked at 5.4% of covered employment in 1982 and 7.0% in 1975.
The four-week average of weekly unemployment claims decreased this week by 7,000, and is now 43,000 below the peak of 9 weeks ago. There is a reasonable chance that claims have peaked for this cycle, and the decline in continued claims is a positive.
However the level of initial claims (over 608 thousand) is still very high, indicating significant weakness in the job market.
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