Atelio Secured Credit Solutions July 2024 Banner

Insured Unemployment Number Reaches Highest Level Since 2021

unemployment

The number of people receiving unemployment benefits reached its highest level in over two years.

The insured unemployment number for the week ended June 15 was 1,839,000, which was 18,000 higher than the previous week’s revised figure of 1,821,000, the Department of Labor (DOL) said in a Thursday (June 27) press release. The figure for the previous week was revised down by 7,000, per the release.

“This is the highest level for insured unemployment since November 27, 2021, when it was 1,878,000,” the DOL said in the release.

Economists surveyed by Reuters said Thursday that the unemployment rate does not signal a danger to the labor market. Most noted that the increase was limited to the 35-44 age group, recent immigrants and certain industries, Reuters reported.

The Conference Board reported Tuesday (June 25) that consumers’ assessment of current business and labor market conditions improved in June.

The DOL also reported Thursday that the number of initial claims for unemployment insurance decreased by 6,000 during the week ended Saturday (June 22).

The total of 233,000 initial claims filed during the week was down from the previous week’s revised figure of 239,000, according to the press release. The previous week’s figure was revised up by 1,000.

The four-week moving average of 236,000 was 3,000 higher than the previous week’s revised average of 233,000, which was revised up by 250, according to the release.

The number of claims remains at the upper end of the range seen this year — which has been between 194,000 and 243,000 — but is still at a historically low level, Reuters reported.

In comments supplied to the DOL, the state with the fourth-largest decrease in the number of initial claims filed during the week ended June 15, New York, said the change was driven by fewer layoffs in the accommodation and food services, construction and information industries.

The three states with the largest decreases in initial claims — California, Minnesota and Illinois — did not supply comment to the DOL.

The DOL also reported Thursday that the insured unemployment rate was 1.2% for the week ended June 15, unchanged from the previous week’s rate, which was unrevised.