In the week ending June 8, the advance figure for seasonally adjusted initial claims was 334,000, a decrease of 12,000 from the previous week’s unrevised figure of 346,000. The 4-week moving average was 345,250, a decrease of 7,250 from the previous week’s unrevised average of 352,50.
Chosen excerpts by Job Market Monitor
via ETA Press Release: Unemployment Insurance Weekly Claims Report.
Weekly US unemployment benefit applications fall to 334K, near a five-year low
About 4.5 million people received unemployment benefits in the week that ended May 25, the latest data available. That’s 130,000 fewer than the previous week. The number of people receiving benefits has fallen 29 percent in the past year. Some of those recipients have likely gotten jobs, but many have probably used up all the benefits available to them.
The economy grew at a solid annual rate of 2.4 percent in the first three months of the year. Consumer spending rose at the fastest pace in more than two years.
Economists worry that federal spending cuts and higher Social Security taxes, which started Jan. 1, might be slowing growth in the April-June quarter to an annual rate of 2 percent or less. But the gain in retail spending and declines in unemployment benefit applications show the economy may be stronger than some anticipated.
The department said earlier this week that more Americans quit their jobs in April compared with March. That’s a sign of confidence in the job market, since most workers don’t quit until they have another job or are sure they can find one. More people quitting jobs also opens up jobs for other workers, or the unemployed, to take.
Chosen excerpts by Job Market Monitor
via Weekly US unemployment benefit applications fall to 334K, near a five-year low – The Washington Post.
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