Jobless claims rise 7,000 to 480,000

By Edward Harrison On Dec 17, 2009

Initial jobless claims for the week ended December 12th came in at a seasonally-adjusted (SA) 480,000, which is a rise of 7,000 from the previous week. This brings the 4-week SA average down to 467,500, the lowest in 15-months. Clearly layoffs have receded. However, hiring has yet to begin in earnest, so the employment situation remains weak.

Because of heavy seasonal adjustments at this time of year, I think we will have to wait until after the holiday season for a more meaningful change in the data. For now, the scenario is in a holding pattern: slow but steady decline in new claims mixed with weak hiring environment and a high level of unemployment and underemployment means a weak recovery.

UNEMPLOYMENT INSURANCE DATA FOR REGULAR STATE PROGRAMS

WEEK ENDING	Dec. 12	Dec. 5	Change	Nov. 28	Year
	Advance				Prior1

Initial Claims (SA)	480,000	473,000	+7,000	454,000	552,000
Initial Claims (NSA)	555,344	662,737	-107,393	457,707	629,867
4-Wk Moving Average (SA)	467,500	472,750	-5,250	480,750	535,250


WEEK ENDING	Dec. 5	Nov. 28	Change	Nov. 21	Year
	Advance				Prior1

Ins. Unemployment (SA)	5,186,000	5,181,000	+5,000	5,470,000	4,356,000
Ins. Unemployment (NSA)	5,176,122	5,399,111	-222,989	4,791,751	4,378,273
4-Wk Moving Average (SA)	5,318,250	5,425,000	-106,750	5,542,500	4,208,250

Ins. Unemployment Rate (SA)	3.9%	3.9%	0.0	4.1%	3.3%
Ins. Unemployment Rate (NSA)	3.9%	4.1%	-0.2	3.6%	3.3%

Source

Unemployment Insurance Weekly Claims Report – US Department of Labor