New applications for U.S. unemployment insurance benefits rose 27,000 for the week ending June 4 to a seasonally adjusted 229,000. The previous week’s figure was revised up from 200,000 to 202,000. The four-week moving average as of June 4 rose to 215,000 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, remained flat at a seasonally adjusted 1.306 million for the week ending May 28. Reporting for continuing claims lag one week.
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.
Additional reading: