Consistent with strong demand for labor, jobless claims are little changed in the latest report. Initial claims came in at 241,000 in the June 17 week which is right at Econoday's consensus for 240,000. The June 17 week was also the sample week for the coming June employment report and a comparison with the sample week of the May employment report shows only a slight increase of 8,000. The 4-week average is up very slightly to a 244,750 level that is only marginally above the 4-week average at mid-May of 241,000.
Continuing claims, where data lag by a week, are likewise little changed, at 1.944 million for an increase of 8,000. This 4-week average is up 5,000 to 1.932 million. The unemployment rate for insured workers (which excludes job leavers and re-entrants) is unchanged at a very low 1.4 percent.
Readings in throughout this report are at historic lows as employers hold onto their employees. There are no special factors in today's report though claims for Louisiana had once again to be estimated.
Recent History Of This Indicator
Jobless claims are very low and pointing to unusually strong demand for labor. Forecasters sees initial claims coming in at 240,000 in the June 17 week vs 237,000 in the prior week. Note that the June 17 week is also the sample week for the monthly employment report which will focus extra attention on the data.