Unemployment claims fell in the week ending July 3, according to today’s report from the Department of Labor. Claims dropped to 454,000, a decrease of 21,000 from the previous week’s revised figure of 475,000.
Of all 50 states, New Jersey saw the largest increase in first-time claims, up 7,951. Why did the Garden State rank so high for the week ending June 26? Increases in school closings, as well as layoffs in the construction, service, transportation, warehousing, and public administration industries were major contributors.
Other states that produced the largest increases in claims were Massachusetts (+4,681), New York (+3,473), Florida (+2,838), and Connecticut (+2,560). Areas where the biggest decreases in claims occurred included Pennsylvania (-2,841), Tennessee (-1,375), Illinois (-1,346), Iowa (-1,230), and Alabama (-869).
The number of Americans collecting EUC (Emergency Unemployment Compensation) benefits dropped to 4,147,551, in the week ending June 19, down 367,948 from the prior week. The 150,000+ difference from the previous week is likely a result of the Senate not passing extensions on unemployment insurance.
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