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Economy in Brief
Japan’s METI Sector Indexes Rebound But Still Lag
Japan's economy continues to fight for revival...
U.S. Existing Home Sales Continue to Weaken, Dragging Down Prices
The NAR reported that sales of existing homes during September declined 3.4% to 5.150 million...
Canadian Retail Sales Weaken As Inflation Slows
Canada's retail sales show relatively widespread deceleration...
U.S. Leading Economic Indicators Strengthen
The Conference Board's Composite Index of Leading Economic Indicators increased 0.5% (7.0% y/y) during September...
Philadelphia Fed Manufacturing Growth Continues; Pricing Pressure Eases
The Philadelphia Federal Reserve reported that its General Factory Sector Business Conditions Index dipped to 22.2 during October...
by Tom Moeller June 9, 2005
Initial claims for unemployment insurance fell 21,000 to 330,000 last week and reversed most of the prior period's slightly revised jump. Consensus expectations had been for 335,000 claims.
During the last ten years there has been a (negative) 75% correlation between the level of initial claims for unemployment insurance and the monthly change in payroll employment. There has been a (negative) 65% correlation with the level of continuing claims.
The four week moving average of initial claims fell to 331,750 (-4.2% y/y).
Continuing claims for unemployment insurance fell 4,000 following a downwardly revised gain the prior week.
The insured unemployment rate remained stable at 2.0% for the seventh consecutive week.
Equilibrium Models of Personal Bankruptcy: A Survey from the Federal Reserve Bank of Richmond can be found here.
| Unemployment Insurance (000s) | 06/04/05 | 05/28/05 | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Initial Claims | 330 | 351 | -4.9% | 343 | 402 | 404 |
| Continuing Claims | -- | 2,588 | -10.3% | 2,926 | 3,531 | 3,570 |
