The level of initial jobless claims was up 3,000 to 222,000 in the June 8 week, it highest since 228,000 in the May 4 week. However, the four-week moving average rested at 217,750, suggesting that the underlying trend is for claims somewhere in the 215,000-225,000 range. Claims are maintaining levels that speak to a healthy labor market with low levels of layoffs overall.
There were no special factors behind the numbers and no states estimated claims in the week.
The level of continuing claims was little changed in the June 1 week, up 2,000 to 1.695 million. The insured rate of unemployment was unchanged at 1.2% where it has now been for 13 straight months. The fundamentals are low and steady.
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