Survey Says...

New Claims Consensus 2.500K Actual 2.981K Previous 3.169

Highlights

Initial jobless claims remain at extremely high levels. At 2.981 million in the May 9 week, claims well exceeded Econoday's high forecast for 2.6 million. Nevertheless, compared to the prior week claims did fall 195,000 for their sixth straight decline from a 6.867 million peak in the March 28 week. Over the past eight weeks, 36.5 million Americans have filed initial claims.

Showing more improvement are continuing claims which, in lagging data for the May 2 week, came in at 22.833 million and though this is 456,000 higher than the April 25 week it is by far the smallest increase of the shutdown run. The unemployment rate for insured workers, again in data for the April 25 week, rose 3 tenths to 15.7 percent.

This report points to a vast gully but it is mixed. Job losses are severe but not becoming more severe. No states were estimated in today's report and the Bureau of Labor Statistics made no comments on the quality of the data.

CME Group