The U.S. Department of Labor is reporting that an additional 1.314 million Americans made their initial filing for unemployment benefits during the week ending on Saturday July 4th. A decline of 99,000 from the previous week’s revised level. It marks the fourteenth straight week of declines in initial claims since the week ending March 28th, when it hit a record peak of 6.9 million. It does, however, still remain above 1 million. The 4-week moving average was 1,437,250, a decrease of 63,000 from the previous week’s revised average. This week’s new claims brought the fifteen-week total to 50.041 million. The number for seasonally adjusted insured unemployment, known as continuing claims, decreased by 698,000 to a seasonally adjusted level of 18.062 million for the week ending June 27th. Continuing claims remain below 20 million for the third week in a row. The 4-week moving average was 19,085,500, a decrease of 636,000 from the previous week’s revised average. The advance seasonally adjusted insured unemployment rate was 12.4% for the week ending June 27, a decrease of 0.5 percentage point from the previous week’s revised rate.
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