US initial jobless claims fell by 60,000 in the week ended June 20 from the previous week to a total of almost 1.5 million, according to seasonally adjusted numbers released today by the US Department of Labor. However, the previous week’s level was revised upward by 32,000.
The four-week moving average of claims fell by 160,750 from the previous week’s revised average to approximately 1.6 million; the previous average was revised upward by 8,000.
In addition to the standard filings, 728,120 initial claims were filed under the Pandemic Unemployment Assistance program, a decrease of 42,800, according to unadjusted numbers.
Business Insider reported initial claims were slightly higher than the consensus economist estimate of 1.3 million, according to Bloomberg data. It’s the second week in a row in which weekly jobless claims have been higher than economist estimates.
“The labor market continues its lethargic recovery,” said Daniel Zhao, a senior economist at Glassdoor. “While recent economic indicators like the May jobs report stoked optimism for a swift recovery earlier this month, the slow improvement in continuing claims puts a damper on those high hopes.”