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

Published 07/01/2021, 08:32 AM
Updated 07/01/2021, 08:36 AM
© Bloomberg. An employee coats bicycle frames with powder paint at a production facility in Manning, South Carolina. Photographer: Micah Green/Bloomberg

© 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.

© Bloomberg. An employee coats bicycle frames with powder paint at a production facility in Manning, South Carolina. Photographer: Micah Green/Bloomberg

Latest comments

it will be revised next week but who cares
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.
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".
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.
Not good
this should be bad news, right?
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.
yea I'm pretty close to that and I feel broke all the time
don't we all
Depends where you live
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.
It is pathetic. We have people who can’t figure out what gender they are...
Wonder... Why is that?No more free money ?Hmmm.Wait for the September number.
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 …
I still work 80hrs a week just to live. Please dont vote for biden.
who else would you like to vote for?
"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?
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.
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.
People staying home made me lose on alot of my usd positions.
no way. nearly everything is green vs a year ago.
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.
the problem here is that during the pandemic lock down a lot of people use their savings to start investing and learned how to trade in stocks forex and crypto ,so now they don't want to go back to work because they can make more in one hour trading in forex to pay bills expenses etc ...IS not the checks is the new lifestyle of living life with more freedom
I dont know how read fundamental also my english also bad. So now what will happen to US dollar strong or weak? 😂
strong because the economy is getting back to normal after the pandemic and inflation and everyone is going back to work and vacations now
it's same everywhere..people who work from Home earn their regular salary as well as have all the time to Invest excess money (thanks to No Travelling expenses, Eating Out etc.)
Great. The FED’s final goalpost. Now they can begin tapering.
Feds final goal post is unemployment at 5%.
See what happens when you lower the bar on jobless and take away the gravey train.
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