Jobless claims: Another 375,000 individuals filed new unemployment claims last week

[mahatmakanejeeves]

Source: Yahoo! Finance

Yahoo Finance

Jobless claims: Another 375,000 individuals filed new unemployment claims last week

Emily McCormick · Reporter
Thu, August 12, 2021, 8:30 AM

New weekly jobless claims took another step lower last week, with the labor market's recovery still making headway despite the lingering threat of the Delta variant.

The Labor Department released its weekly jobless claims report on Thursday at 8:30 a.m. ET. Here were the main metrics from the print, compared to consensus estimates compiled by Bloomberg:

-- Initial unemployment claims, week ended August 7: 375,000 vs. 375,000 expected and a revised 387,000 during prior week

-- Continuing claims, week ended July 31: 2.866 million vs. 2.900 million expected and a revised 2.980 million during prior week

New weekly jobless claims fell for a third straight period and came in below the psychologically important 400,000 level. Continuing claims also dipped to a fresh pandemic-era low below 3 million, pacing back toward pre-virus levels.

Economists have been expecting to see an improvement in the number of individuals returning to the labor force as more states roll off federal enhanced unemployment benefits. As of mid-summer, about two dozen states had decided to end these benefits ahead of their official September expiration date at the national level, in a move seen as incentivizing workers to return to jobs.

As of July 24, just over 12 million individuals were still claiming unemployment benefits across all programs. This represented a drop of more than 900,000 versus the prior week, with the decline accelerating markedly from the drop of around 200,000 during the prior week. As of the latest data, more than 8.5 million claiming crisis-era Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation.

{snip}

Read more: https://finance.yahoo.com/news/weekly-jobless-claims-week-ended-august-7-2021-183650493.html

[mahatmakanejeeves]

1. From the source:

https://www.dol.gov/ui/data.pdf

News Release

Connect with DOL at
https://blog.dol.gov

TRANSMISSION OF MATERIALS IN THIS RELEASE IS EMBARGOED UNTIL
8:30 A.M. (Eastern) Thursday, August 12, 2021

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS

SEASONALLY ADJUSTED DATA

In the week ending August 7, the advance figure for seasonally adjusted initial claims was 375,000, a decrease of 12,000 from the previous week's revised level. The previous week's level was revised up by 2,000 from 385,000 to 387,000. The 4-week moving average was 396,250, an increase of 1,750 from the previous week's revised average. The previous week's average was revised up by 500 from 394,000 to 394,500.

The advance seasonally adjusted insured unemployment rate was 2.1 percent for the week ending July 31, a decrease of 0.1 percentage point from the previous week's revised rate. The previous week's rate was revised up by 0.1 from 2.1 to 2.2 percent. The advance number for seasonally adjusted insured unemployment during the week ending July 31 was 2,866,000, a decrease of 114,000 from the previous week's revised level. This is the lowest level for insured unemployment since March 14, 2020 when it was 1,770,000. The previous week's level was revised up 50,000 from 2,930,000 to 2,980,000. The 4-week moving average was 3,101,000, a decrease of 99,750 from the previous week's revised average. This is the lowest level for this average since March 21, 2020 when it was 2,071,750. The previous week's average was revised up by 12,500 from 3,188,250 to 3,200,750.

{snip}

UNADJUSTED DATA

{snip. Emphasis mine}

The total number of continued weeks claimed for benefits in all programs for the week ending July 24 was 12,055,290, a decrease of 919,593 from the previous week. There were 28,957,778 weekly claims filed for benefits in all programs in the comparable week in 2020.

{snip the rest of the twelve-page news release, until the end}

Weekly Claims Archives
Weekly Claims Data

U.S. Department of Labor news materials are accessible at http://www.dol.gov. The Department's Reasonable Accommodation Resource Center converts Departmental information and documents into alternative formats, which include Braille and large print. For alternative format requests, please contact the Department at [phone] (voice) or [phone] (federal relay).

U.S. Department of Labor
Employment and Training Administration
Washington, D.C. 20210
Release Number: USDL 21-1497-NAT

Program Contacts:
Thomas Stengle: [phone]
Media Contact: [phone]

[mahatmakanejeeves]

2. I'm updating last week's report, which is why this post is at or near the top.

This week's report will be out shortly.

Sorry for any confusion I've caused.

[BumRushDaShow]

3. For some reason

this thread is not showing up on the front page.

I thought I had lost my mind because I did see your earlier one here - https://www.democraticunderground.com/10142787461

Am guessing EarlG/Elad are doing some tweaking (I noticed the "Top News" category had disappeared last week).

EDIT - just realized this OP was from last week!!! Nevermind!

[mahatmakanejeeves]

4. Yes, an update of last week's. I had forgotten to link to last week's DOL press release.

I had to do it before it changed, at 8:30. Not so brilliant on my part, but I wanted to get the source material in the old thread.

This week's is up, courtesy of Emily McCormick.

And good morning. I'm playing phone tag with my pharmacy.

[BumRushDaShow]

5. Thanks for the clarification

I was sortof bugging out there...

And good Friday Eve morning!