First-time jobless claims for the week ending May 22 declined to 406,000, a new low during the pandemic, putting them on track to breach the 400,000 level in the coming weeks and return to levels not seen since before the pandemic.
The number of people filing new claims for federal Pandemic Unemployment Assistance at a non-seasonally adjusted pace was 93,546 for the week. But it is important to note that this data will not affect the May jobs report, which comes out June 4, since it was taken after the sampling period for that estimate.
Due to 23 states pulling back on $300 per week special supplemental aid, one should expect the possibility of large declines in the top-line number going forward.
There are still 3.6 million people filing continuing claims, and there were 15.8 million individuals on some form of unemployment insurance benefits through the week ending May 8. There are 5.1 million drawing federal Pandemic Emergency Unemployment Compensation and 6.5 million drawing Pandemic Unemployment Assistance, in addition to the 3.6 million on continuing state aid.
For more information on how the coronavirus pandemic is affecting midsize businesses, please visit the RSM Coronavirus Resource Center.