Jobless Claims Fall 4K to Just 218K, Insured Unemployment Lowest Since 1973

The Labor Department said jobless claims fell more than expected by 4,000 to 218,000 for the week ending June 9, easily beating the 225,000 forecast. The 4-week moving average was 224,250, a decrease of 1,250 from the previous week’s unrevised average of 225,500.

Extended Benefits were payable in the Virgin Islands during the week ending May 26.

The advance seasonally adjusted insured unemployment rate was unchanged at a historic low 1.2% for the week ending June 2. The advance number for seasonally adjusted insured unemployment during the week ending June 2 was 1,697,000, down 49,000 from the previous week’s revised level.

This is the lowest level for insured unemployment since December 1, 1973 when it was 1,692,000. The 4-week moving average fell 3,750 to 1,726,250, the lowest level for this average since December 8, 1973 when it was 1,715,500.

The highest insured unemployment rates in the week ending May 26 were in the Virgin Islands (2.9), Alaska (2.5), New Jersey (2.0), California (1.9), Connecticut (1.9), Puerto Rico (1.8), Pennsylvania (1.7), Illinois (1.5), Nevada (1.4), and Rhode Island (1.4).

The largest increases in initial claims for the week ending June 2 were in Tennessee (+1,587), Illinois (+1,567), Ohio (+698), Arkansas (+387), and New Mexico (+353), while the largest decreases were in Michigan (-3,638), California (-1,938), New Jersey (-1,678), New York (-1,454), and Pennsylvania (-953).