[CNBC Television] U.S. weekly jobless claims total million, vs 1.6 million estimate
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CNBC’s Steve Liesman breaks down the initial jobless claims for week ending June 6.
The pace of unemployment claims declined again last week as the U.S. jobs market continued its plodding recovery from the coronavirus pandemic, Labor Department data showed Thursday.
Initial claims totaled million, compared with the 1.6 million expected from economists surveyed by Dow Jones and a plunge of 355,000 from the previous week’s total just shy of 1.9 million. The four-week moving average, which smooths volatility in the numbers fell by 286,250 to 2 million.
Though the total decelerated for the 10th straight week, it still represents a stunningly sharp exodus of workers to the unemployment line over the past three months. There were 705,676 claims filed under the Pandemic Unemployment Assistance program.
Those collecting benefits declined by 339,000 to 20.9 million, compared with the crisis peak of 24.9 million during the week of May 9. The four-week moving average of continuing claims fell to 21.9 million, a decrease of 404,750 from a week earlier.
The report comes a week after the Bureau of Labor Statistics said that nonfarm payrolls increased by 2.5 million in May, though reporting errors have cast some doubt about how aggressive the recovery has been so far.
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