by Calculated Risk on 6/03/2021 08:35:00 AM

The DOL reported:

In the week ending May 29, the advance figure for seasonally adjusted initial claims was 385,000, a decrease of 20,000 from the previous week's revised level. This is the lowest level for initial claims since March 14, 2020 when it was 256,000. The previous week's level was revised down by 1,000 from 406,000 to 405,000. The 4-week moving average was 428,000, a decrease of 30,500 from the previous week's revised average. This is the lowest level for this average since March 14, 2020 when it was 225,500. The previous week's average was revised down by 250 from 458,750 to 458,500.
emphasis added

This does not include the 76,098 initial claims for Pandemic Unemployment Assistance (PUA) that was down from 93,559 the previous week.

The following graph shows the 4-week moving average of weekly claims since 1971.

Click on graph for larger image.

The dashed line on the graph is the current 4-week average. The four-week average of weekly unemployment claims decreased to 458,750.

The previous week was revised down.

Regular state continued claims increased to 3,771,000 (SA) from 3,602,000 (SA) the previous week.

Note: There are an additional 6,368,301 receiving Pandemic Unemployment Assistance (PUA) that decreased from 6,515,657 the previous week (there are questions about these numbers). This is a special program for business owners, self-employed, independent contractors or gig workers not receiving other unemployment insurance.  And an additional 5,293,842 receiving Pandemic Emergency Unemployment Compensation (PEUC) up from 5,191,642.

Weekly claims were lower than the consensus forecast.