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Economy in Brief

Initial Claims for Unemployment Insurance Dipped
by Tom Moeller September 8, 2005

Initial claims for unemployment insurance dipped 1,000 last week to 319,000 from the prior week's unrevised level. Consensus expectations had been for a decline to 315,000.

The figure included about 10,000 disaster-related applications from hurricane-battered Alabama, Louisiana and Mississippi, a number likely to surge in coming weeks.

The four-week moving average of initial claims rose to 318,500 (-6.0% y/y).

Continuing claims for unemployment insurance fell 5,000 in the latest week following a downwardly revised 27,000 increase the week prior.

The insured unemployment rate remained at its four-year low of 2.0% for the eighth consecutive week.

Analysis of the Economic & Budgetary Effects of Hurricane Katrina from the US Congressional Budget Office can be found here.

Consumption Taxes: Macroeconomic Effects and Policy Issues from the Federal Reserve Bank of Kansas City can be found here.

Unemployment Insurance (000s) 09/03/05 08/27/05 Y/Y 2004 2003 2002
Initial Claims 319 320 -2.1% 343 402 404
Continuing Claims -- 2,593 -9.6% 2,926 3,531 3,570
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