1st Time Unemployment Claims Take Another Hit as New Storms Ravage Coast

By Mark Lieberman

Managing Director and Senior Economist

Highlights

  • There were 214,000 1st time claims for unemployment insurance for the week ended October 6 an INCREASE of 7.000 from the prior week’s unrevised report;
  • The four-week moving average of first-time claims ROSE 2,250 to 209,500;
  • Four-week moving average represented 0.134 percent of employment, UP from 0.133 percent the previous week
  • The number of continued claims – individuals who had been collecting unemployment insurance — reported on a one-week lag, was 1,660,000 for the week ended September 28, UP 4,000 from the previous week’s upwardly REVISED 1,656,000 (from 1,650,000);
  • The four-week moving average of continued claims FELL 10,000 to 1,656,000.

Trends:

  • Four-week moving average of continued claims has now declined for nine straight weeks
  • Four-week moving average of initial claims has now increased for four straight weeks; first time since May 19-June 2.
  • The year-to-date average of initial claims for unemployment insurance fell to 234,348 – 5.1 percent below the level of a year ago, the largest year-year drop of the year.

Data Source: Department of Labor

Image result for unemployment insurance

With a new storm expected to batter the Carolinas – and the unemployment rolls — first time claims for unemployment insurance rose for the second time in three weeks, according to the Labor Department.

But like the previous increase, 13, 00 two weeks ago, and the increase likely a week from now, these jumps have more of a meteorological than economic explanation.

And like those jumps they will likely be wiped out when workers are called back, many to deal with storm damage.

While the storms may not have much of an impact on overall labor market data, they could have an impact on hours worked and thus average weekly earnings which continue to struggle even though this recovery.

You can hear Mark Lieberman every Friday at 6:20 am on the Morning Briefing on P.O.T.U.S. radio @sxmpotus, Sirius-XM 124.

0 Responses to “1st Time Unemployment Claims Take Another Hit as New Storms Ravage Coast”


  • No Comments

Leave a Reply