For the week ending 06/20, Colorado initial jobless claims edge down slightly to 4,557 claims from 4,819 the week before. This represents the second week in a row that initial claims have dropped. The Continuing Claims remain volatile. I would image that something from a reporting stand point is causing the Continuing Claims to jump from 74,000 to 78,000 and back and forth. If we look at the 4-week moving average, the last 4 weeks show a pretty steady level at about 76,000.
At the National level, initial claims dropped slightly to 614,000 from last weeks level of 630,000. This report closely matches analysts' expectations. The 4-week moving average, which smooths out many inconsistencies, has dropped 3 out of the last 4 weeks and hasn't seen these levels since the beginning of February. The Continuing Claims dropped slightly as well to 6,702,000, which declined 53,000 from the previous week.
From an individual state standpoint, seven states showed decreases of more than 1,000 and eight states showed increases of more than 1,000. Though the number that really jumps off of the report is California. California reported an increase of 14,570 in initial claims for the week. That far surpasses the next highest level of 3,170, which was reported by New Jersey. California reported that the increase was due to layoffs in the service industry. Missouri reported the largest decrease of 5,753. The decrease was due to fewer layoffs in the construction, service, transportation, and warehousing industries.
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