The Department of Labor data released this morning indicated that 512,000 people filed initial claims for unemployment insurance in the latest week. This is down 20,000 from last week and marks the last data points we are to get on employment before tomorrows employment numbers are released.
All indications are that the number will come in around the 200,000 job loss range. Wednesday’s ADP number of –203,000 jobs is consistent with this. Stock futures rallied on the data and the Dow is up about 80 points in early trading.
Nonetheless, 512,000 weekly claims is still very high.
UNEMPLOYMENT INSURANCE DATA FOR REGULAR STATE PROGRAMS
|
|
Advance |
|
|
|
Prior1 |
|---|---|---|---|---|---|
|
WEEK ENDING |
Oct. 31 |
Oct. 24 |
Change |
Oct. 17 |
Year |
|
Initial Claims (SA) |
512,000 |
532,000 |
-20,000 |
531,000 |
488,000 |
|---|---|---|---|---|---|
|
Initial Claims (NSA) |
480,178 |
494,394 |
-14,216 |
460,430 |
466,341 |
|
4-Wk Moving Average (SA) |
523,750 |
526,750 |
-3,000 |
532,250 |
480,250 |
|
|
Advance |
|
|
|
Prior1 |
|---|---|---|---|---|---|
|
WEEK ENDING |
Oct. 24 |
Oct. 17 |
Change |
Oct. 10 |
Year |
|
Ins. Unemployment (SA) |
5,749,000 |
5,817,000 |
-68,000 |
5,945,000 |
3,859,000 |
|---|---|---|---|---|---|
|
Ins. Unemployment (NSA) |
4,915,719 |
4,984,950 |
-69,231 |
4,916,574 |
3,310,892 |
|
4-Wk Moving Average (SA) |
5,886,250 |
5,965,750 |
-79,500 |
6,039,500 |
3,785,750 |
|
Ins. Unemployment Rate (SA)2 |
4.4% |
4.4% |
0.0 |
4.5% |
2.9% |
|---|---|---|---|---|---|
|
Ins. Unemployment Rate (NSA)2 |
3.7% |
3.8% |
-0.1 |
3.7% |
2.5% |
Source
Weekly Unemployment Claims Report – ETA Press Releases