Weekly Jobless Claims Holding at Historic Levels

By Chris Lange Updated Jan 11, 10:04PM EST · Published Jun 21, 10:20AM EDT

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Weekly Jobless Claims Holding at Historic Levels — © Thinkstock

New claims for unemployment benefits fell by 3,000 in the week ending June 16, according to the weekly report from the U.S. Department of Labor. The seasonally adjusted total fell to 218,000 from the prior week’s revised total of 221,000. The Bloomberg consensus was expecting the total to come in at 220,000.

The advance number for seasonally adjusted insured unemployment during the week ending June 9 was 1,723,000, an increase of 22,000 from the previous week’s revised level. The four-week moving average was 1,722,500, a decrease of 4,750 from the previous week’s revised average. Note that this is the lowest level for this average since December 8, 1973, when it was 1,715,500.

The advance seasonally adjusted insured unemployment rate was 1.2% for the week ending June 9, unchanged from the previous week’s unrevised rate.

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One of the key takeaways from this report was that applications for unemployment benefits have hovered near the lowest levels in almost five decades and reflect employers’ desire to retain staff as the labor market tightens.

At the same time, companies are also pulling in workers from across the market, with the unemployment rates of blacks at a record low and Hispanics near all-time lows.

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About the Author Chris Lange →

Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics.

Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications.

A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.