Jobless Claims Above 600k for Five Straight Months
For the 20th consecutive week, Initial Jobless Claims came in above 600k, indicating that job destruction continues unabated as the second quarter comes to a close.
In the week ending June 13, 608,000 Americans filed for first-time unemployment benefits, more than the prior week’s revised figure of 605k.
The good news was that continuing claims fell 148k in the week ending June 13, pushing the number of people continuing to receive unemployment insurance to 6.687 million.
Markets appeared to put more stock in the continuing claims number, as S&P 500 futures rose nearly 4 points on the release.
Strategist Ian Pollick from TD Securities characterized the report as “very good,” noting that the 4-week average for initial claims moderated, while the drop in continuing claims is the biggest weekly decline since late 2001.
He added, “the U.S. labor market is still in a world of pain, but it looks like it got a serious dose of painkillers last week.”
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