Initial claims for state unemployment benefits in the June 27 week fell 16,000 to 614,000, roughly in line with analysts’ expectations, especially given the 3,000 upward revision to the previous week’s level, according to data released by the Labor Department Thursday.
A Labor analyst said there was “no special factor” this week.
A Market News International survey had expected the initial claims level to fall to 619,000 in the week ended June 27 from the originally reported 627,000 in the June 20 week. The expectations ranged from 605,000 to 625,000.
Initial claims for the June 20 week were revised up 3,000 to 630,000. Claims for the June 13 week level was unrevised at 612,000.
In the June 20 week, continuing claims fell 53,000 to 6.702 million. Continuing claims were 3.152 million in the comparable week a year ago.
The seasonally adjusted insured unemployment rate declined to 5.0% from 5.1% in the June 20 week. It was 2.4% in the comparable week a year ago.
— Market News International