US Jobless Claims Give Mixed Picture With Shift in Adjustments

US Jobless Claims Give Mixed Picture With Shift in Adjustments

That's 130,000 fewer than the previous week.

"The level of new and continuing claims remains elevated, signaling the labor market continues to experience a significant degree of disruption".

With that weekly check having lapsed, he is relying on income from his wife's job and collecting just $158 a week in state unemployment benefits.

This figure has decreased compared to the previous week, but the total has not been corrected, making comparison hard.

On an unadjusted basis - or before any seasonal adjustments - claims rose by 7,591 to 833,352 last week, led by a 39,958 increase in California. These programs generally provided benefits during the pandemic to people who were not eligible for unemployment insurance. Those claims also increased from the previous week.

While some states have seen unemployment applications recede from record highs after the coronavirus pandemic hit the US employment picture in March, some have suffered stubbornly high job losses months into the recovery.

The number of Americans filing new claims for unemployment benefits fell more than expected last week, but remained extraordinarily high amid signs that labour market recovery was losing steam as the COVID-19 pandemic continues and government support lapses.

Since mid-March, U.S. employers have seen more than 59 million applications. The headline numbers seem to be moving in the right direction as the U.S. jobs market is gradually recovering from the pandemic lockdown shock. During the pandemic, however, wild swings in employment have thrown the adjustment off, resulting in a sometimes-distorted snapshot.

The number of initial jobless claims in the United States last week fell to 881,000, after staying above the 1 million mark for two consecutive weeks, indicating improvement in a labor market ravaged by the COVID-19 crisis.

"There are new seasonal adjustment factors this week which brings down the joblessness slightly", said Chris Rupkey, chief economist at MUFG in NY. "But the big thing they didn't do that I wished they had done is fix the earlier numbers".

The state would face major hurdles if Congress creates a new supplement program, because "an entirely new program" is needed to process claims differently from the current infrastructure, and "it will not be easy or quick", Asaro-Angelo said last week.

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