Initial jobless claims for the week ended June 19 fell by 7,000 to a total of 411,000, according to seasonally adjusted data released today by the US Department of Labor. Claims had risen unexpectedly in the previous week ended June 12.
Reuters reported that economists had forecast 380,000 initial claims in the week ending June 19, and claims remain well above the 200,000 to 250,000 viewed as consistent with a healthy labor market.
Meanwhile, the four-week moving average of claims rose by 1,500 in the week ended June 19 to 397,750; the average of the previous week’s average was revised upward by 1,250.
Pandemic Unemployment Assistance claims, which are not seasonally adjusted, rose by 6,920 to a total of 104,682. The PUA program includes self-employed workers, among others.
Separately, the US Bureau of Economic Analysis reported real gross domestic product rose at an annual rate of 6.4% in the first quarter. This is the third estimate of GDP growth for the first quarter and is unchanged from the second estimate. GDP had increased 4.3% in the fourth quarter.