Weekly Jobless Claims Rise Another 1.877 Million for Week Ending May 30th

The U.S. Department of Labor is reporting that an additional 1.877 million Americans made their initial filing for unemployment benefits during the week ending on Saturday, May 30th. A decrease of 249,000 from the previous week’s revised level. This was the first time the government’s weekly jobless claims report came under 2 million since the week ended March 14th. However, over the past ten weeks more than 42.6 American’s have filed for unemployment benefits. The number for seasonally adjusted insured unemployment, also known as continuing claims,
rose sharply, hitting nearly 21.5 million suggesting that workers are not being called back to work as quickly as anticipated. After declining for the first time in 11-weeks, the seasonally adjusted insured unemployment rate increased by 0.5% to 14.8% for the week ending May 23rd.