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Economy in Brief

Initial Unemployment Insurance Claims Up
by Tom Moeller April 13, 2006

Initial claims for unemployment insurance jumped 12,000 to 313,000 last week and reversed all of the decline in claims during the prior two weeks. Consensus expectations had been for 302,000 claims and the prior week's decline was revised shallower.

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 slipped to 307,500 (-10.0% y/y).

Continuing claims for unemployment insurance fell 4,000 during the latest week following a revised 34,000 decline the prior week.

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

Aggregate shocks and labor market fluctuations from the Federal Reserve Bank of St. Louis is available here.

Unemployment Insurance (000s) 04/08/06 04/01/06 Y/Y 2005 2004 2003
Initial Claims 313 301 -6.3% 332 343 402
Continuing Claims -- 2,424 -9.3% 2,662 2,924 3,532
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