New applications for U.S. unemployment insurance benefits fell 11,000 for the week ending May 28 to a seasonally adjusted 200,000. The previous week’s figure was revised up from 210,000 to 211,000. The four-week moving average as of May 28 fell to 206,500 from a revised 207,000 as of the week ending May 21.
The number of continuing unemployment insurance claims, which refers to the number of unemployed workers who filed for benefits at least two weeks ago and are actively receiving unemployment benefits, fell to a seasonally adjusted 1.309 million for the week ending May 21. Reporting for continuing claims lag one week. The continuing claims figure was the lowest since December 27, 1969.
Unemployment insurance is a joint federal and state program that provides temporary monetary benefits to eligible laid-off workers who are actively seeking new employment. Qualifying individuals receive unemployment compensation as a percentage of their lost wages in the form of weekly cash benefits while they search for new employment.
The federal government oversees the general administration of state unemployment insurance programs. The states control the specific features of their unemployment insurance programs, such as eligibility requirements and length of benefits.
For information about unemployment insurance programs across the country, click here.