The advance seasonally adjusted insured unemployment rate stood at 11.9% for the week ending July 4, a 0.3% decline from the prior week’s revised rate. The preceding week’s rate was revised down by 0.2 percentage points from 12.4% to 12.2%. Moreover, DOL stated that, “the advance number for seasonally adjusted insured unemployment during the week ending July 4 was 17,338,000, a decrease of 422,000 from the previous week’s revised level. The previous week’s level was revised down by 302,000 from 18,062,000 to 17,760,000.” Relative to last week’s revised average, the 4-week moving average decreased by 737,750 to 18,272,250. Notably, there was a downward revision in the preceding week’s average by 75,500 from 19,085,500 to 19,010,000.

Based on the unadjusted advance estimate, there were 1,503,892 actual initial claims under state programs in the week ending July 11, an increase of 108,811 (or 7.8%) from the previous week. The seasonal factors had anticipated a rise of 120,514 (or 8.6%) from the previous week. Moreover, for the week ending July 11, 47 states observed 928,488 initial claims for Pandemic Unemployment Assistance.

During the week ending July 4, the advance unadjusted insured unemployment rate stood at 11.9%, a 0.6 percentage point increase relative to the previous week. The advance unadjusted number for persons claiming UI benefits in state programs rose by 838,307 (or 5.1%) to 17,355,176 from a week earlier. The seasonal factors had expected an increase of 1,260,965 (or 7.6%) from the previous week.

A total of 32,003,330 persons claimed benefits in all programs for the week ended June 27, a decline of 433,005 compared to the prior week.

Extended Benefits, during the week ending June 27, were accessible in the following 51 states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, Tennessee, Texas, Vermont, Virgin Islands, Virginia, Washington, West Virginia, Wisconsin and Wyoming.

For the week ending July 4, 1,323 former Federal civilian employees claimed for UI benefits, a decrease of 8 relative to the previous week, whereas 1,077 newly discharged veterans (+56) claimed for benefits.

However, for the week ending June 27, 14,146 former Federal civilian employees claimed for UI benefits, a decrease of 336 relative to the previous week, whereas 12,792 newly discharged veterans (-315) claimed for benefits.

DOL noted that, “during the week ending June 27, 48 states reported 14,282,999 individuals claiming Pandemic Unemployment Assistance benefits and 44 states reported 936,431 individuals claiming Pandemic Emergency Unemployment Compensation benefits.”

In the week ending June 27, Puerto Rico observed the highest insured unemployment rates of 26.8% followed by Nevada (20.9), Hawaii (19.9), New York (17.0), Louisiana (16.6), California (15.9), Massachusetts (15.6), Connecticut (15.2), Georgia (14.1), and Rhode Island (14.0).

The states that experienced the highest increases in initial claims for the week ending July 4 were Texas (+20,506), New Jersey (+19,410), Maryland (+10,568), Louisiana (+9,441), and New York (+3,906), while the largest decreases were in Indiana (-22,725), Florida (-17,429), California (-12,571), Georgia (-12,325), and Oklahoma (-8,982).

Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.

Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.