US Jobless Claims Fall for a Fifth Week Amid Strong Labor Demand

[mahatmakanejeeves]

Last edited Thu Sep 15, 2022, 09:14 AM - Edit history (1)

Markets
Economics

US Jobless Claims Fall for a Fifth Week Amid Strong Labor Demand
-- California, Texas and New York had the biggest declines
-- Continuing claims increase slightly, still near historic lows

By Augusta Saraiva
September 15, 2022 at 8:33 AM EDT Updated onSeptember 15, 2022 at 8:43 AM EDT

Applications for US unemployment insurance fell for a fifth straight week, suggesting demand for workers remains healthy despite an uncertain economic outlook.

Initial unemployment claims decreased by 5,000 to 213,000 in the week ended Sept. 10, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists called for 227,000 new applications.

The four-week moving average, which smooths out volatility from week to week, dropped to 224,000 -- the lowest since June. ... Continuing claims rose slightly to 1.4 million in the week ended Sept. 3, still historically low.

Jobless claims have been dropping as employers are still trying to fill millions of open positions and retain the workers they already have. However, the trend may reverse course as the Federal Reserve pursues an aggressive path of interest-rate hikes to reign in demand across the economy, including for labor.

{snip}

[doc03]

1. Will Wall Street see this as good news or bad? nt

[mahatmakanejeeves]

2. From the source:

Last edited Thu Sep 15, 2022, 10:07 AM - Edit history (1)

{Edited: the contact point is Kevin Stapleton, at [phone]. Rachel Beistel, at [phone], was filling in for Ken a few weeks ago. She's back to her regular gig now.}

https://oui.doleta.gov/press/2022/091522.pdf

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, September 15, 2022

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS

SEASONALLY ADJUSTED DATA

In the week ending September 10, the advance figure for seasonally adjusted initial claims was 213,000, a decrease of 5,000 from the previous week's revised level. The previous week's level was revised down by 4,000 from 222,000 to 218,000. The 4-week moving average was 224,000, a decrease of 8,000 from the previous week's revised average. The previous week's average was revised down by 1,000 from 233,000 to 232,000.

The advance seasonally adjusted insured unemployment rate was 1.0 percent for the week ending September 3, unchanged from the previous week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending September 3 was 1,403,000, an increase of 2,000 from the previous week's revised level. The previous week's level was revised down by 72,000 from 1,473,000 to 1,401,000. The 4-week moving average was 1,413,250, a decrease of 7,750 from the previous week's revised average. The previous week's average was revised down by 18,000 from 1,439,000 to 1,421,000.

{snip}

UNADJUSTED DATA

{snip}

The total number of continued weeks claimed for benefits in all programs for the week ending August 27 was 1,391,432, a decrease of 23,420 from the previous week. There were 12,106,755 weekly claims filed for benefits in all programs in the comparable week in 2021.

{snip the rest of the ten-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 22-1873-NAT

Program Contacts:
Kevin Stapleton: [phone]
Media Contact: [phone]

[progree]

3. Uhh, about the continuing claims thingy, yes they rose 2k but the previous week was revised down

a WHOPPING 72k, meaning there are 70k fewer continuing claims than in last week's report. Sigh.

Continuing claims rose slightly to 1.4 million in the week ended Sept. 3, still historically low.