Weekly jobless claims total 1.314M compared to the economist estimates of 1.39M.
This is a decline of 100,000 over last week
Continuing claims fell sharply over last week, by 698,000 to 18.06M
Claims under the Pandemic Unemployment Assistance program also totaled 1.039 million, an increase of nearly 42,000 from the previous week.
PUA recipients now total 14.4 million, bringing the total of those claiming benefits to a record 32.9 million.
Despite the better-than-expected numbers, this marked the 15th consecutive week that initial claims totaled above 1 million = NO BUENO
Other Data Points
At the state level, Texas saw the biggest increase in weekly jobless claims, at 20,651, according to data not seasonally adjusted. Florida saw the biggest decline, of 17,300.
United Airlines this week put 36,000 workers on notice for potential layoffs as the airline industry struggles to regain its footing after a near-shutdown during the crisis.
Wells Fargo preparing to cut thousands of jobs.
Congress and the White House are working on an extension of the CARES ACT program, but it remains unclear what form that might take.