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U.S. Initial Jobless Claims Post Larger-Than-Expected Decline

Economic Indicators Jul 01, 2021 08:36AM ET
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© Bloomberg. An employee coats bicycle frames with powder paint at a production facility in Manning, South Carolina. Photographer: Micah Green/Bloomberg

(Bloomberg) -- Applications for U.S. state unemployment insurance fell last week by more than projected, reaching a fresh pandemic low and suggesting that dismissals are abating as the economy reopens and labor demand rises.

Initial claims in regular state programs decreased by 51,000 to 364,000 in the week ended June 26, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists called for 388,000 initial applications.

Continuing claims for ongoing state benefits increased to 3.47 million the week ended June 19.

The drop in applications is consistent with improving business conditions and companies’ efforts to increase headcounts to meet demand as the economy reopens. Still, initial claims remain above pre-pandemic levels and many employers say they are having trouble finding qualified workers, which is likely holding back the pace of the recovery.

©2021 Bloomberg L.P.

U.S. Initial Jobless Claims Post Larger-Than-Expected Decline
 

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Comments (13)
perplexed76 .
perplexed76 . Jul 01, 2021 1:52PM ET
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it will be revised next week but who cares
Curtis Rist
Curtis Rist Jul 01, 2021 11:48AM ET
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Bloomberg Prize for Misleading Reporting! (ie, turning good news to bad.) A-Plus example! “Reaching a fresh pandemic low” and “suggesting that dismissals are abating.” Maybe it was written by their Feel-Bad-Bot? The point is: Unemployment Claims lower than expected, and dropping to their lowest level in 16 months since the Covid Pandemic began. Here’s USA Today: “US jobless claims fall to 364,000, a new pandemic low.” This is purposefully bad reporting...and other outlets (YahooFinance, NYT, etc) are doing the same smokescreen.
Jouni Matero
Jouni Jul 01, 2021 11:48AM ET
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Bad reporting both sides last months. You noticed how basically all negative news lately have been twisted to be "actually good news for the market".
Terence Williams
Terence Williams Jul 01, 2021 11:32AM ET
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In Ca..labor shortage is being compounded by so many people who have left the State for a lower cost of living States..Ca is becoming unlivable.
Saint Ade
Saint Ade Jul 01, 2021 11:20AM ET
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Not good
Loki Kan
Loki Kan Jul 01, 2021 10:41AM ET
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this should be bad news, right?
Chris Kellerman
Chris Kellerman Jul 01, 2021 9:23AM ET
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It’s so funny how people think just because you make 100 grand a year that you’re rich or something that’s a joke and a farce.
ajay jayaraj
ajay jayaraj Jul 01, 2021 9:23AM ET
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yea I'm pretty close to that and I feel broke all the time
Loki Kan
Loki Kan Jul 01, 2021 9:23AM ET
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ajay jayaraj don't we all
Gary Crouch
Gary Crouch Jul 01, 2021 9:23AM ET
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Depends where you live
Chris Kellerman
Chris Kellerman Jul 01, 2021 9:22AM ET
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It’s pathetic how this country is becoming wrapped up into all these games with the money. Our country is becoming a serious joke to the rest of the world. We can’t even get our own house in order and we always want to take care of everybody else’s. We got people barely surviving out here.
Anthony Cloud
Anthony Cloud Jul 01, 2021 9:22AM ET
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It is pathetic. We have people who can’t figure out what gender they are...
ZS Beck
ZS Beck Jul 01, 2021 9:10AM ET
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Wonder... Why is that?No more free money ?Hmmm.Wait for the September number.
William Bailey
William Bailey Jul 01, 2021 9:10AM ET
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What about the corporate welfare the Fed gives away each month in the form of nearly free cash-credit …. Trillions pumped into wallstreet to boost stock over the last 14 years !! What happened to the free market capitalism? Funny how when those who are most hurt and pay the mist taxes get attacked as leaches when they need help the most …
Kurt Maxberry
Kurt Maxberry Jul 01, 2021 9:01AM ET
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I still work 80hrs a week just to live. Please dont vote for biden.
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Kurt Maxberry
Kurt Maxberry Jul 01, 2021 9:01AM ET
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You want debt?!
James Johannsen
James Johannsen Jul 01, 2021 9:01AM ET
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or anyone for that matter
Loki Kan
Loki Kan Jul 01, 2021 9:01AM ET
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who else would you like to vote for?
Tre Hsi
Tre Hsi Jul 01, 2021 9:01AM ET
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"I still work 80hrs a week just to live. Please dont vote for biden."   -- not sure why you blame Biden for you having to work 80 hrs a week.....did you work 80 hrs a week last year?  if so did you tell people not to vote for Trump?
Kurt Maxberry
Kurt Maxberry Jul 01, 2021 9:01AM ET
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Tre Hsi i want it over. Im tired of living for just a paycheck. This stock market is out of control and im scared to invest anything into this. Thus itd only going higher and i will be left sitting.
TheEnd IsNigh
TheEnd IsNigh Jul 01, 2021 8:48AM ET
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Who knew that if you paid people to stay home they would take the offer as long as it was provided? Politicians truly are worthless. In every way imaginable.
Joel Schwartz
Joel Schwartz Jul 01, 2021 8:48AM ET
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Inflation has risen faster than the minimum wage for 60 years….
Mir Chang
Mir Chang Jul 01, 2021 8:48AM ET
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People staying home made me lose on alot of my usd positions.
Fat Nugget
FatNugget3 Jul 01, 2021 8:48AM ET
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Mir Chang no way. nearly everything is green vs a year ago.
Alejandro Ca
Alejandro Ca Jul 01, 2021 8:48AM ET
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Why the ******would you want to go to work, break your back for minimum wage which in many places you can barely pay the bills. Raise minimum wage and most people would go back to work guaranteed.
 
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