Another 3.169 million Americans file for unemployment benefits
On Thursday, the U.S. Labor Department released its weekly jobless claims report. It shared that another 3.169 million Americans file for unemployment benefits for the week ending May 2nd. Yahoo Finance’s Emily McCormick breaks down the details.
Video Transcript
BRIAN SOZZI: Our top story of the day-- the US Labor Department's weekly jobless claims report is out. Another 3.2 million people filed for unemployment claims for the week ending May 2. Yahoo Finance's Emily McCormick is here to break down the details. Emily?
EMILY MCCORMICK: Good morning, Brian. And another week of initial unemployment claims in the multi millions. New jobless claims were at 1-- or 3.169 million for that week ended May 2. This was higher than the 3 million expected by consensus economists.
The prior week's new claims for the week ended April 25 were also revised up slightly to 3.846 million. And this brought the total number of new jobless claims filed since mid-March to a staggering more than 33 million.
But this was at least the fifth straight week that we saw the number of new unemployment insurance claims fall relative to the prior week. Looking at it state-by-state, California, Texas, and Georgia reporting the highest levels of unadjusted initial claims last week. Most states did post declines from the prior week. Turning to continuing unemployment claims for the week ended April 25, those rose to a fresh record high of 22.647 million, greater than the 19.8 million expected, and the 18 million from the prior week.
As one analyst, Paul Ashworth of Capital Economics, wrote in a note this morning that the continuing claims figure is still marching higher. It is, quote, disappointing, since it suggests fewer people are being recalled to work after being laid off or furloughed. This latest data raised the insured unemployment rate to 15 and 1/2%. And that represents those receiving benefits as a share of the labor force based on eligibility.
So in all, Brian, this was another staggering week for new jobless claims, and really setting up what is expected to be a historically dismal report for the April jobs report coming from the Labor Department tomorrow morning.
BRIAN SOZZI: Yeah, thanks, Emily. By all indications, it will be one for the record books in terms of the jobs report.
