ILCB - Weekly Initial Claims For Unemployment Benefits May Be Plateauing Again

• Initial claims for regular state unemployment insurance totaled 419,000 for the week ending July 17, a rise of 51,000 from the previous week’s tally of 368,000. The revised results suggest weekly initial claims may be plateauing around the 400,000 level.
• The number of ongoing claims for state unemployment programs totaled 3.126 million for the week ending July 3, a drop of 114,711 from the prior week. The latest reading is the 15th consecutive week below 4 million.
• While labor shortages continue across many industries, labor force participation remains low, making filling jobs more difficult. Furthermore, the Delta variant is raising concerns and boosting uncertainty.

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