Jobless claims see slight decrease

Applications for unemployment benefits in the U.S. fell less than forecast last week, showing only gradual improvement from the worst of the pandemic related layoffs even as states re-open more of their economies.

Initial jobless claims for regular state programs totaled 1.51 million in the week ended June 13, down slightly from an upwardly revised 1.57 million in the prior week, Labor Department figures showed Thursday. Applications have exceeded a once-unthinkable 1 million on a weekly basis since mid-March. The median estimate in a Bloomberg survey of economists called for 1.29 million initial claims in the latest week.

Continuing claims — the total number of Americans claiming ongoing unemployment benefits in state programs — decreased to 20.5 million in the week ended June 6, compared with a median projection of 19.9 million. Those figures are reported with a oneweek lag.

Given the unprecedented surge of claims in recent months, many economists look to the non-seasonally adjusted figures for a more accurate read on claims. Unadjusted continuing claims actually climbed by almost 26,000 to 18.7 million.

By several metrics, the economy has rebounded at a faster pace than many anticipated. Payrolls at companies increased by several million in May and consumer spending on cars, restaurant meals and more soared last month, exceeding expectations as states loosened restrictions.