Jobless claims totaled 1.314 million last week.
Claims for the week ended July 4 totaled 1.314 million, compared with the 1.39 million expected from economists surveyed by Dow Jones. The total marked a decrease of 99,000 from a week earlier, according to the Labor Department.The four-week moving average of claims, which smooths volatility in the weekly numbers, fell 14,000 to 1.43 million.
Despite the better-than-expected numbers, this marked the 15th consecutive week that initial claims totaled above 1 million. Claims under the Pandemic Unemployment Assistance program also totaled 1.039 million, an increase of nearly 42,000 from the previous week."We still have a long road ahead of us," said Liz Ann Sonders, chief investment strategist at Charles Schwab. "These are definitely good numbers, but this is going to be a long and bumpy road.
The insured unemployment rate, a basic computation of those collecting benefits vs. the total workforce, fell to 12.4%, a half percentage point decline. At the state level, Texas saw the biggest increase in weekly jobless claims, at 20,651, according to data not seasonally adjusted. Florida saw the biggest decline, of 17,300.
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