Weekly Jobless Claims Decline Modestly for Week Ending June 13th

The U.S. Department of Labor is reporting that an additional 1.508 million Americans made their initial filing for unemployment benefits during the week ending on Saturday June 13th. A decline of 58,000 from the previous week’s revised level. It marks the eleventh straight week of declines in initial claims since the week ending March 28th, when it hit a record peak of 6.9 million. The four-week moving average decreased to 1,773,500, from a revised average of 2,008,000 in the previous week. This week’s new claims brought the thirteen-week total to 45.7 million. The number for seasonally adjusted insured unemployment, known as continuing claims, declined slightly by 62,000 to a seasonally adjusted level of 20,544,000 in the week ending June 6. The four-week moving average was 20,814,750, a decrease of 1,092,000 from the previous week’s revised average. The seasonally adjusted insured unemployment rate remained unchanged at 14.1% for the week ending June 6. The previous week’s rate was revised down by 0.3% point from 14.4% to 14.1%.