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- US: Employer Costs for Employee Compensation (Q2)
- US: Home Builders (Sep)
- Canada Regional: Manufacturing Shipments by Province (Jul)
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Economy in Brief
Empire State Manufacturing Index Eases; Prices Improve
The Empire State Manufacturing Index of General Business
Conditions declined to 19.0 during September from 25.6 in August
British Chamber of Commerce Cuts Forecasts
The British Chamber of Commerce (BCC) today announced cutting its outlook for the UK economy...
U.S. Retail Sales Edge Higher
Total retail sales improved 0.1% (6.6% y/y) during August
following a 0.7% July gain...
U.S. Government Budget Deficit Widens Sharply
Faster growth in spending and a lessened increase in revenues
is a sure formula for widening the budget deficit...
U.S. Industrial Production Posted Solid Increase in August
Industrial production increased a solid 0.4% m/m (4.8% y/y) in August ...
by Tom Moeller April 14, 2005
Initial claims for unemployment insurance fell last week by 10,000 to 330,000 versus an upwardly revised level the prior week. Consensus expectations had been for 330,000 claims.
During the last ten years there has been a (negative) 74% correlation between the level of initial claims for unemployment insurance and the monthly change in payroll employment. There has been a (negative) 66% correlation with the level of continuing claims.
The four week moving average of initial claims rose very slightly to 338,000 (-1.7% y/y).
Continuing claims for unemployment insurance fell 22,000 following the 88,000 rise the prior week that was little revised.
The insured unemployment rate remained at 2.1%.
| Unemployment Insurance (000s) | 04/09/05 | 04/02/05 | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Initial Claims | 330 | 340 | -7.6% | 343 | 402 | 404 |
| Continuing Claims | -- | 2,664 | -10.9% | 2,926 | 3,531 | 3,570 |
