New jobless claims plummet in late June

The number of new unemployment claims filed in Oklahoma fell sharply at the end of June, according to the latest data from the U.S. Department of Labor and Oklahoma state officials.

Just 18,405 first-time claims were filed in Oklahoma for the week ending June 27, which was down more than 40,000 compared with the week before.

For the week ending July 4, just 7,562 new claims were filed.

The number of people continuing to receive unemployment benefits fell by 42,000, according to the Oklahoma Employment Security Commission data for that week. Oklahoma's downward trend mirrors the national report, which as of June 20 initial claims falling by nearly 100,000 to end that week at 1.3 million.

Mark Hamrick, senior economic analyst with Bankrate. com, noted the decrease but remains wary of the overall economic picture.

"Signs of modest improvement are seen in both in new and continuing unemployment claims which were on the decline during the

holiday- shortened week. New claims have dropped for 14 straight weeks despite the uneven nature of COVID-19 restrictions and the outbreak itself," Hamrick said. "Even so, with more bankruptcies and job cuts announced in the retail sector, for example, the economy remains at significant risk in the weeks and months ahead."

New claims in the United States have consistently topped 1 million for 16 consecutive weeks.

"This is also the sixth straight week that new claims have been stuck between 1 and 2 million, indicating that less momentum is being seen to the downside," said Hamrick. "As the COVID-19 outbreak has recently intensified in some states, hopes for an accelerated, sustained and successful reopening of the economy have hit roadblocks. This raises concern about the economy's rebound."

OESC also reported Thursday it had paid out over $2.1 billion in unemployment benefits since March.

To help with the backlog of claimant issues and questions, OESC has held in- person events at the

Reed Conference Center in Midwest City. Those events continue Monday and Tuesday. Additional events at Expo Square in Tulsa will be on Wednesday and Thursday.

“We've made significant progress to help Oklahomans receive their unemployment benefits over the past several days at our events in Midwest City. Our team has been working tirelessly and has ensured we meet our anticipated goal of serving 500 Oklahomans every single day we have had our inperson events over the past week,” said agency Interim Executive Director Shelley Zumwalt.