· Initial
unemployment insurance claims fell a sharp 20,000 last week to 304,000
following an unrevised 34,000 drop during the prior week. The decline
was to the lowest level since mid-October and by far surpassed Consensus
expectations for a slight decline to 320,000 claims.
· During the last ten years there has been a (negative) 77% correlation between the level of initial claims and the m/m change in nonfarm payroll employment.
· The four-week
moving average of initial claims eased slightly to 327,750 (+2.6% y/y).
· Continuing claims for unemployment insurance fell 33,000 after a downwardly revised 43,000 increase during the prior week.
· The
insured rate of unemployment remained at 1.9% for the sixth consecutive
week and equaled the average rate since February.
· Beyond the Outsourcing Angst: Making America More Productive from the Federal Reserve Bank of Dallas can be found here.
· How Labor Market Policies Shape Immigrants’ Opportunities, also from the Federal Reserve Bank of Dallas, is available here.