US jobless claims fall to lowest in three months

By Edward Harrison On Oct 28, 2010

According to figures released by the US Department of Labor, US initial jobless claims dropped to 434,000 this past week, their lowest levels in over three months. Analysts had been expecting upwards of 450,000 claims where the numbers have plateaued for a number of weeks.

My take: the downward trajectory in claims is rather slow. However, this is not out of line with the last two jobless recoveries. 2011 will be much more about the ability for the economy to make gains in the face of a weak housing market and likely austerity at the federal as well as the state and local level.

Source: US Department of Labor

UNEMPLOYMENT INSURANCE DATA FOR REGULAR STATE PROGRAMS

WEEK ENDING	Oct. 23	Oct. 16	Change	Oct. 9	Year
	Advance				Prior1

Initial Claims (SA)	434,000	455,000	-21,000	475,000	528,000
Initial Claims (NSA)	405,639	393,961	+11,678	462,667	494,476
4-Wk Moving Average (SA)	453,250	458,750	-5,500	462,250	528,750


WEEK ENDING	Oct. 16.	Oct. 9	Change	Oct. 2	Year
	Advance				Prior1

Ins. Unemployment (SA)	4,356,000	4,478,000	-122,000	4,444,000	5,803,000
Ins. Unemployment (NSA)	3,742,003	3,716,598	+25,405	3,705,942	4,984,950
4-Wk Moving Average (SA)	4,447,250	4,485,750	-38,500	4,499,750	5,908,000

Ins. Unemployment Rate (SA)²	3.5%	3.6%	-0.1	3.5%	4.4%
Ins. Unemployment Rate (NSA)²	3.0%	3.0%	0.0	2.9%	3.8%

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