US: Initial Jobless Claims remain elevated – Wells Fargo

Initial jobless claims reached 1.30 million last week, slightly below the previous. The number of people filing an initial unemployment claim and those who continue to receive claims edged lower, but they both remain elevated in a historical context, explained analysts at Wells Fargo. 

Key Quotes: 

“Although initial claims have come down significantly from the record 6.87 million that were filed in late March, they remain frustratingly elevated in an historical context.”

“The number of individuals who continued to receive unemployment benefits also edged down, receding to 17.34 million during the week ending on July 4. As in the case of initial claims, continuing claims remain quite elevated.”

“The insured unemployment rate of 11.9% during the week ending July 4 is another illustration of just how weak the labor market remains at present.”