Continued Claims Drop Below 20mln For First Time Since April

Claims beat the consensus estimate of 1.320mln but fell from the prior 1.540mln. This was revised higher by 32k from the previous 1.508mln. The four-week moving average declined to 1.621mln, a drop of 152k from the previous week’s average. This is the 14th straight week in which claims have topped 1mln, bringing the total to 47.18mln workers who have filed first-time unemployment claims since the start of the pandemic.


The Labour Department’s so-called insured unemployment rate fell from the previous week’s print of 14.4pct. This counts the number of people actively collecting benefits and is considered an alternative measure of joblessness.


Continuing claims fell below 20mln for the first time since April, dropping by 1.022mln from last week and below the expected 20mln. The previous reading was revised lower, from 20.5mln to 20.3mln.