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Economy in Brief

Initial Jobless Insurance Claims Drop
by Tom Moeller March 30, 2006

Last week, initial claims for unemployment insurance fell 10,000 to 302,000 from an upwardly revised level the prior period. The figure matched Consensus expectations.

Revisions raised the recent claims figures by roughly 10,000.

During the last ten years there has been a (negative) 75% correlation between the level of initial jobless insurance claims and the m/m change in payroll employment.

The four-week moving average of initial claims fell to 310,750 (-7.7% y/y).

Continuing unemployment insurance claims reversed most of the prior week's sharp drop, which was revised deeper, and rose 38,000 to 2.472M.

The insured rate of unemployment was stable at 1.9% for the sixth week.

Unemployment Insurance (000s) 03/25/06 03/18/06 Y/Y 2005 2004 2003
Initial Claims 302 312 -14.2% 332 343 402
Continuing Claims -- 2,483 -4.4% 2,663 2,924 3,532
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