The U.S. Department of Labor is reporting that an additional 1.3 million Americans made their initial filing for unemployment benefits during the week ending on Saturday July 11th. A decline of 10,000 from the previous week’s revised level. It marks the fifteenth 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 1,375,000 a decrease of 60,000 from the previous week’s revised average. This week’s new claims brought the sixteen-week total to 51.341 million. The number for seasonally adjusted insured unemployment, known as continuing claims, decreased by 422,000 to a seasonally adjusted level of 17.338 million for the week ending July 4th. Continuing claims remain below 20 million for the fourth week in a row. The 4-week moving average was 18,272,250 a decrease of 737,750 from the previous week’s revised average. The advance seasonally adjusted insured unemployment rate was 11.9% for the week ending July 4th, a decrease of 0.3 percentage point from the previous week’s revised rate.
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