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Economy in Brief

Initial Claims for Unemployment Insurance Fell
by Tom Moeller September 28, 2006

Initial claims for jobless insurance fell 6,000 to 316,000 after an upwardly revised 11,000 increase during the prior week. Consensus expectations had been for 315,000 claims.

During the last ten years there has been a (negative) 78% correlation between the level of initial claims and the m/m change in nonfarm payroll employment.

The four-week moving average of initial claims fell slightly to 315,500 (-16.9% y/y).

Continuing claims for unemployment insurance fell 8,000 after a 38,000 drop the prior week that was deeper than initially reported.

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

Unemployment Insurance (000s) 9/23/06 9/16/06 Y/Y 2005 2004 2003
Initial Claims 316 322 -11.2% 332 343 403
 Continuing Claims -- 2,444 -12.0% 2,662 2,924 3,532
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