Initial jobless claims for the week ending June 27 decreased by 55,000 to 1.427 million (Briefing.com consensus 1.355 million).

Continuing claims for the week ending June 20 increased by 59,000 to 19.290 million.

The four-week moving average for initial claims decreased by 117,500 to 1,503,750.

The four-week moving average for continuing claims decreased by 494,500 to 19,854,000.

The advance unadjusted insured unemployment rate was 12.3% for the week ending June 20 versus 12.1% in the prior week.

The total number of people claiming benefits in all programs for the week ending June 13 was 31,491,627 versus 1,582,309 in the same week a year ago.

The key takeaway from the report is that initial claims remain at an alarmingly high level and will continue to be a drag on economic activity.