Recent Updates
- Japan: NCI Economic Activity Index (Aug)
- US: NAHB/Wells Fargo Housing Market Index (Aug)
- Canada: Wholesale trade, MSIO (June)
- Pakistan: Foreign Currency Deposits and Utilization (JUL)
- US: Empire State Mfg Survey (Aug)
- more updates...
Economy in Brief
U.S. Housing Affordability Declines Further in June
The NAR Fixed Rate Mortgage Housing Affordability Index fell 3.6% in June...
EMU Output Makes Solid Gain in June
The European Monetary Union posted a 0.7% increase for industrial output in June...
U.S. Producer Prices Fall During July; Core Increase Weakens
The Producer Price Index for Final Demand fell 0.5% during July...
U.S. Unemployment Claims Continue on an Uptrend
Initial claims for unemployment insurance filed in the week ended August 6 rose 14,000 to 262,000...
RICS Survey Points to More U.K. Housing Sector Weakness
The survey of housing market conditions in the U.K. continues to show strength in prices versus weakness...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller January 4, 2007
Initial unemployment insurance claims popped 10,000 last week to 329,000 for the third consecutive weekly gain. The increase outpaced Consensus expectations for stability at 318,000.
During the last ten years there has been a (negative) 77% correlation between the level of initial claims and the m/m change in nonfarm payroll employment.
The four-week moving average of initial claims also rose to 317,500 (2.3% y/y) though that was down from the early December high of 328,750.
Continuing claims for unemployment insurance dropped a sharp 76,000.
The insured rate of unemployment remained at 1.9% for the seventh consecutive week and equaled the average rate since February.
Unemployment Insurance (000s) | 12/30/06 | 12/23/06 | Y/Y | 2006 | 2005 | 2004 |
---|---|---|---|---|---|---|
Initial Claims | 329 | 319 | 11.5% | 313 | 332 | 343 |
Continuing Claims | -- | 2,446 | -8.3% | - | 2,662 | 2,924 |