US weekly jobless claims resume downward trend, falling slightly to 411,000

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Weekly filings for unemployment benefits fell just barely last week, resuming a steady downward trend after last week's surprise increase.

Jobless claims totaled an unadjusted 411,000 last week, the Labor Department said Thursday. Economists surveyed by Bloomberg held a median estimate of 380,000 claims. The previous week's count was revised to 418,000 from 412,000. The slight decline suggests the labor market's recovery may be stagnating as claims fail to return to their pandemic-era lows. Though the government's monthly payrolls report includes the most detailed hiring data, weekly claims counts reveal whether businesses are holding on to employees or laying them off.

Continuing claims, which track Americans receiving unemployment benefits, edged lower to 3.39 million for the week that ended June 12. The median estimate was for continuing claims to drop to 3.46 million.Claims counts are still roughly double what they were before the pandemic roiled the labor market. And while initial claims counts steadily declined through spring, continuing claims haven't staged as large a recovery.

The report is also the first to reflect any changes from some GOP-led states' early cancelation of the federal unemployment insurance boost. The $300-per-week supplement was included in Democrats' March stimulus package and originally set to expire in September. Yet 25 states have

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