U.S. Initial Jobless Claims Post Larger-Than-Expected Decline
Bloomberg
Published Jul 01, 2021 08:32AM ET
U.S. Initial Jobless Claims Post Larger-Than-Expected Decline
(Bloomberg) -- Applications for U.S. state unemployment insurance fell last week by more than projected, reaching a fresh pandemic low and suggesting that dismissals are abating as the economy reopens and labor demand rises.
Initial claims in regular state programs decreased by 51,000 to 364,000 in the week ended June 26, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists called for 388,000 initial applications.
Continuing claims for ongoing state benefits increased to 3.47 million the week ended June 19.
The drop in applications is consistent with improving business conditions and companies’ efforts to increase headcounts to meet demand as the economy reopens. Still, initial claims remain above pre-pandemic levels and many employers say they are having trouble finding qualified workers, which is likely holding back the pace of the recovery.
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