Jobless claims unexpectedly jumped for the week ending May 14th, according to the latest data from the Department of Labor…(DOL)
- Seasonally adjusted initial claims was 218,000, an increase of 21,000 from the previous week’s revised level.
- Economists had projected that claims would fall to 200k.
Continuing claims, on the other hand, actually fell more than expected for the week ending May 7th and have now hit a 50-year low
- The advance number for seasonally adjusted insured unemployment was 1,317,000, a decrease of 25,000 from the previous week’s revised level. This is the lowest level for insured unemployment since December 27, 1969.
- Economists had projected a smaller drop to 1.32M
NOTE: Kentucky led the jump in claims with 6,728 new claims this week followed by California (+3,3125) and Pennsylvania (+2,102).
