U.S. unemployment claims increased for the week ended July 03

July 08, 2021

The seasonally adjusted initial claims, advance estimate, increased by 2,000 to 373,000, for the week ended July 3, from the prior week’s revised level of 371,000 from 364,000, up by 7,000, according to the U.S. Department of Labour (DOL). In comparison to the previous week’s average, the 4-week moving average was 394,50, a decrease of 250. Moreover, the preceding week’s revised average rose by 2,000 from 392,750 to 394,750.

The advance seasonally adjusted insured unemployment rate decreased 0.1 percentage points to 2.4% for the week ending June 26 from the prior week’s unrevised rate. Moreover, DOL stated that, “the advance number for seasonally adjusted insured unemployment during the week ending June 26 was 3,339,000, a decrease of 145,000 from the previous week’s revised level. This is the lowest level for insured unemployment since March 21, 2020 when it was 3,094,000. The previous week’s level was revised up 15,000 from 3,469,000 to 3,484,000.” Relative to last week’s revised average, the 4-week moving average decreased by 44,500 to 3,440,750. The prior week’s average was revised up by 3,500 from 3,481,750 to 3,485,250.


Based on the unadjusted advance estimate, there were 369,661 actual initial claims under state programs in the week ended July 3, an increase of 3,147 (or 0.9%) from the previous week. The seasonal factors anticipated an increase of 1,582 (or 0.4%) from the previous week. Furthermore, for the week ended July 3, 47 states observed 99,001 initial claims for Pandemic Unemployment Assistance.

During the week ended June 26, the advance unadjusted insured unemployment rate stood at 2.3% a decrease of 0.1 percentage points compared to the previous week. The advance unadjusted level of insured unemployment in state programs totaled 3,236,197, a decrease of 49,110 (or -1.5%) from a week earlier. The seasonal factors had anticipated an increase of 95,409 (or 2.9%) from the previous week.

A total of 14,209,007 persons claimed benefits in all programs for the week ended June 19, a decrease of 449,642 compared to the prior week.

Extended Benefits, during the week ended June 19, were accessible in the following 11 states: Alaska, California, Connecticut, District of Columbia, Illinois, Massachusetts, Nevada, New Jersey, New York, Rhode Island, and Texas.

For the week ended the 26th of June, 877 former Federal civilian employees claimed for UI benefits, an increase of 3 relative to the previous week, whereas 577 newly discharged veterans (-122) claimed for benefits.

However, for the week ended the 19th of June 5, 10,426 former Federal civilian employees claimed for UI benefits, a fall of 41 relative to the previous week, whereas 6,619 newly discharged veterans (+416) claimed for benefits.

DOL noted that, “during the week ending June 19, 50 states reported 5,824,831 continued weekly claims for Pandemic Unemployment Assistance benefits and 50 states reported 4,908,107 continued claims for Pandemic Emergency Unemployment Compensation benefits.”

In the week ended June 19, Rhode Island observed the highest insured unemployment rate of 4.6% followed by Puerto Rico (4.5), Nevada (4.4), California (4.0), Connecticut (3.8), Illinois (3.6), Georgia (3.4), New Jersey (3.4), New York (3.4), Alaska (3.2), and District of Columbia (3.2).

Puerto Rico (+4,098), New Jersey (+3,381), Massachusetts (+2,845), New York (+1,857), and Connecticut (+1,516) had the highest increases in initial claims for the week ended June 26, while Pennsylvania (-17,664), Kentucky (-7,878), California (-7,643), Texas (-3,998), and Michigan (-2,880) had the largest decreases.


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.