- KPB & Co Research
US Unemployment Claims
For the week that ended on July 11, 2020, unemployment claims under state programs amounted to 1.5Mn up by approximately 108K (7.8%) relative to the previous week. At the end of a similar week in 2019, unemployment claims were 243k. In the same week of July 11 2020, there was about 928.5K in state initial claims for the Pandemic Unemployment Assistance programme. Though unemployment claims increased for the week, all of the increase was likely due to seasonal factors and so a significant portion of the increase is likely to abate in coming months. According to the U.S. Department of Labor, when the numbers were adjusted for seasonal factors, weekly unemployment claims came out at 1.3Mn in the week ending July 11, 2020, which was 10K less than that observed in the previous week.
Other Notable Observations
The report published by the U.S. Department of Labor also mentioned:
- The advance unadjusted insured unemployment rate was 11.9 percent during the week ending July 4. The advance number for persons claiming unemployment insurance benefits in state programs was 17.3Mn, an increase of 838k (5.1%) from the preceding week, all of which was due to seasonal factors.
- The total number of people claiming benefits in all programs for the week that ended June 27 was 32Mn, a decrease of 433k from the previous week. For a similar week in 2019 1.6Mn persons claiming benefits in all programs.
- For the week ending June 27 states (48 states) reported, 14.3Mn people applying for Pandemic Unemployment Assistance benefits and (44 states) 9364K individuals claiming Pandemic Emergency Unemployment Compensation benefits.
- The largest increases in initial claims for the week ending July 4 were in Texas (+20,506), New Jersey (+19,410), Maryland (+10,568), Louisiana (+9,441), and New York (+3,906), while the largest decreases were in Indiana (-22,725), Florida (-17,429), California (-12,571), Georgia (-12,325), and Oklahoma (-8,982).