• U.S. weekly jobless claims total 1.508 million

Market news

18 June 2020

U.S. weekly jobless claims total 1.508 million

The data from the Labor Department revealed on Thursday the number of applications for unemployment reduced last week to the lowest level since the U.S. economy went into lockdown made to fight the COVID-19 pandemic, but still remained evaluated even as all states had reopened to various extents.

According to the report, the initial claims for unemployment benefits totaled 1,508,000 for the week ended June 13. That brings the number of job losses over the past thirteen weeks (since the U.S. went into coronavirus lockdown in mid-March) to more than 45.7 million.

Economists had expected 1,300,000 new claims last week.

Claims for the prior week were revised upwardly to 1,566,000 from the initial estimate of 1,542,000.

Meanwhile, the four-week moving average of claims fell to 1,773,500 from a revised 2,008,000 in the previous week.

Continuing claims decreased to 20,544,000 million from 20,606,000 in the previous week.

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