Jobless claims edge up, but remain near pandemic low

Initial jobless claims for the week ended July 3 rose by 2,000 to a total of 373,000, according to seasonally adjusted data released today by the US Department of Labor.

However, the four-week moving average of jobless claims edged down by 250 to a total of 394,500, the lowest level for this average since March 14, 2020, when it was 225,500.

The previous week’s level for initial claims was revised upward by 7,000 to 371,000; the previous week’s four-week moving average was revised upward by 2,000 to 394,750.

Pandemic Unemployment Assistance claims, which are not seasonally adjusted, fell by 15,185 to a total of 99,001. The PUA program includes self-employed workers.

Economists polled by Reuters had forecast 350,000 applications for the latest week. The claims data may remain volatile in the coming weeks as 25 states — most with Republican governors — pull out of federally funded unemployment programs, Reuters reported. These included a $300 weekly in additional unemployment benefits, which businesses complained was encouraging the jobless to stay at home.

The original article can be found at: Staffing Industry Analysts