The U.S. Department of Labor is reporting that an additional 1.427 million Americans made their initial filing for unemployment benefits during the week ending on Saturday June 27th. A decline of 55,000 from the previous week’s revised level. It marks the thirteenth straight week of declines in initial claims since the week ending March 28th, when it hit a record peak of 6.9 million, but still remains above 1 million. The four-week moving average decreased to 1,503,750 from a revised average of 1,621,250 in the previous week. This week’s new claims brought the fourteen-week total to 48.727 million. The number for seasonally adjusted insured unemployment, known as continuing claims, increased by 59,000 to a seasonally adjusted level of 19.290 million for the week ending June 20th. Continuing claims remain below 20 million for the second week in a row. The four-week moving average was 19,854,000, a decrease of 494,500 from the previous week’s revised average. The seasonally adjusted insured unemployment rate remained unchanged at 13.2% % for the week ending June 20th. The previous week’s rate was revised down by 0.2 percentage point from 13.4% to 13.2%.
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