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First-time jobless filings jump to third-highest total of 2022

First-time jobless filings jump to third-highest total of 2022
A now hiring sign is seen outside New Connect Freight, Inc. in Carson, Calif., on January 27, 2021. The Labor Department said those filing first-time claims for unemployment benefits reached the third-highest total this year. File Photo by Jim Ruymen/UPI | License Photo

June 9 (UPI) -- A seasonally adjusted 229,000 people filed for unemployment insurance for the first time last week, the most to do so since January and the third-highest total this year, the Labor Department reported Thursday.

As one of the carefully watched economic gauges, the four-week moving average of those applying for unemployment for the week ending May 28 dropped to its lowest level since 1970, the Labor Department said in its weekly report.

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The number of those filing initial jobless claims for the week ending June 4 was 27,000 more than the previous week's adjusted number of 202,000. The four-week moving average of first-time unemployment filings reached 215,000 last week, up 8,000 from the previous week.

The first-time unemployment filings topped the 200,000 mark for the fourth consecutive week after 11 of the past 12 weeks had under 200,000. First-time claims fell as low as 166,000 during the week ending March 19.

The total number of those filing for unemployment for the week ending May 28 was a seasonally adjusted 1.306 million, the same as the revised total from the week ago.

The four-week moving average of total unemployment insurance filings fell 9,000 to 1,317,500, its lowest number since Jan. 10, 1970. The previous week's total was a revised 1,326,500.

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