The number of Americans filling for unemployment benefits was 1.877 million in the week ended May 30th, bringing total claims to near 43 million since March 21st when the coronavirus pandemic started in the US. Today’s reading came in slightly above market expectations of 1.8 million and showed the lowest level since the coronavirus crisis began. After hitting a record of 6.867 million in the week ending March 28th, the claims have been on a steady decline.
Continuing claims, which lags initial jobless claims data by one week, reach 20.0 million. However, some market participants believe the effects of the coronavirus pandemic on the US labor market is not fully captured by the claims reports as neither PUA (Pandemic Unemployment Assistance program) nor PEUC (Pandemic Emergency Unemployment Compensation) are included in the initial claims and continuing claims figures.
S&P500 (US500) is trading slightly lower after publication of today’s jobless claims report. Source: xStation5
