Weekly Initial Unemployment Claims increase to 412,000

The DOL reported:

In the week ending June 12, the advance figure for seasonally adjusted initial claims was 412,000, an increase of 37,000 from the previous week’s revised level. The previous week’s level was revised down by 1,000 from 376,000 to 375,000. The 4-week moving average was 395,000, a decrease of 8,000 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 up by 500 from 402,500 to 403,000.
emphasis added

This does not include the 118,025 initial claims for Pandemic Unemployment Assistance (PUA) that was up from 71,303 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 395,000.

The previous week was revised down.

Regular state continued claims increased to 3,518,000 (SA) from 3,517,000 (SA) the previous week.

Note: There are an additional 6,120,596 receiving Pandemic Unemployment Assistance (PUA) that decreased from 6,374,514 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 5,157,445 receiving Pandemic Emergency Unemployment Compensation (PEUC) down from 5,231,952.

Weekly claims were higher than the consensus forecast.