Recent Updates
- Beijing Producer Price Index (Nov)
- New Zealand: Truckometer Index (Nov)
- US: Job Openings and Labor Turnover Survey (Oct)
- Canada: Building Permits (Oct), Housing Starts (Nov)
- Canada Regional: Bldg Permits by Province (Oct), Housing Starts by Province (Nov)
- G10: Economic Sentix Index, Switzerland: NCI Economic Activity Index (Dec)
- Nigeria: GDP (Q3)
- more updates...
Economy in Brief
OECD LEIs Point to Weakness
OECD LEIs point to weakness ahead for the OECD area as well as separately for the OECD seven largest economies, the euro area, and the U.S....
U.S. Employment and Earnings Gains Weaken Unexpectedly
Labor market strength eased during November...
Wholesale Inventories Grow While Sales Decline
Wholesale inventories increased 0.8% month-on-month (6.9% year-over-year) during October...
U.S. Consumer Credit Usage Expands
Consumer credit outstanding increased $25.38 billion during October...
German IP Takes Surprising October Slip
Germany's industrial production slowed to a gain of only 0.1% in September then dropped by 0.5% in October...
by Tom Moeller June 16, 2005
Initial claims for unemployment insurance remained about flat last week, rising 1,000 to 333,000 from an upwardly revised level the week prior. Consensus expectations had been for 328,000 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 increased modestly to 335,000 (-2.7% y/y).
Continuing claims for unemployment insurance jumped 58,000 following a deepened 9,000 decline the prior week.
The insured unemployment rate increased slightly to 2.1% after seven weeks at 2.0%.
The latest Beige Book from the Federal Reserve Board covering regional economic conditions is available here.
| Unemployment Insurance (000s) | 06/11/05 | 06/04/05 | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Initial Claims | 333 | 332 | -2.3% | 343 | 402 | 404 |
| Continuing Claims | -- | 2,641 | -9.1% | 2,926 | 3,531 | 3,570 |
