Initial claims for unemployment in regular state programs fell by 51,000 to 364,000 for the week ended June26, the Labor Department reported this morning. Economists surveyed by Bloomberg were looking for 388,000 new claims. The drop to 364,000 still left initial claims above the level before the pandemic.
Tomorrow the Bureau of Labor Statistics is scheduled to report the jobs number for June with economists expecting a strong pick up in job gains after disappointing May numbers.
Continuing claims for unemployment in regular state programs rose to 3.47 million for the week ended June 19.
As of June 26, 19 states have ended enhanced unemployment benefits of $300 and federal unemployment programs such as the Pandemic Unemployment Assistant program for self-employed and gig workers ahead of the September expiration of those programs.
It’s probably too early to expect those actions, designed to push workers back into the workforce, to have any effect on the June jobs report.