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Financial News: U.S. Jobless Claims Drop Much Less Than Expected

U.S. Jobless Claims Drop Much Less Than Expected To 1.508 Million

06/18/2020 - 09:59:00 (RTTNews)

(RTTNews) - A report released by the Labor Department on Thursday showed a continued decrease in first-time claims for U.S. unemployment benefits in the week ended June 13th, although claims fell by much less than expected.

The Labor Department said initial jobless claims dropped to 1.508 million, a decrease of 58,000 from the previous week's upwardly revised level of 1.566 million.

Economists had expected jobless claims to tumble to 1.300 million from the 1.542 million originally reported for the previous week.

Jobless claims fell by much less than anticipated but still pulled back further off the record high of 6.867 million set in the week ended March 28th.

Noting the latest weekly decrease reflects the smallest decline since claims began retreating from their late March peak, economists at Oxford Economics said, "The latest jobless claims data reminds us that significant stress remains in the labor market."

The report said the less volatile four-week moving average slid to 1,773,500, a decrease of 234,500 from the previous week's revised average of 2,008,000.

Continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also dropped by 62,000 to 20.544 million in the week ended June 6th.

The four week moving average of continuing claims tumbled to 20,814,750, a decrease of 1,092,000 from the previous week's revised average of 21,906,750.

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