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Economy in Brief

Initial Unemployment Insurance Claims Increased
by Tom Moeller July 13, 2006

Initial claims for unemployment insurance jumped 19,000 to 332,000 last week after an unrevised 2,000 slip during the prior week. Consensus expectations had been for a lesser gain to 320,000 claims.

The Labor Department indicated that the increase reflected the annual July automobile industry plant closings for model changeover as well as 4,000 unadjusted new claims caused by a partial shutdown of the New Jersey state government. It furloughed 45,000 state workers but the shutdown over a missed budget deadline has since been resolved.

The four-week moving average of initial claims rose to 317,250 (-2.0% y/y).

Continuing claims for unemployment insurance fell 18,000 following a slightly revised 45,000 increase the previous week.

The insured rate of unemployment was stable at 1.9% where it has been since February.

Employment growth, job creation, and job destruction in Ohio from the Federal Reserve Bank of Cleveland can be found here.

Unemployment Insurance (000s) 07/08/06 07/01/06 Y/Y 2005 2004 2003
Initial Claims 332 313 0.0% 332 343 403
 Continuing Claims -- 2,429 -7.3% 2,663 2,923 3,530
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