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Economy in Brief

U.S. Initial Claims For Jobless Insurance Rebound To Eight-Week High
by Tom Moeller  April 14, 2011

In a sign that perhaps labor market improvement has stalled, initial claims for jobless insurance rose to 412,000 last week from 385,000, initially reported as 382,000. The latest figure exceeded Consensus expectations for 378,000 claims and it was the highest in eight weeks. The four-week moving average of claims rose to 395,750. During the last ten years there has been a 77% correlation between the level of claims and the m/m change in nonfarm payrolls.

Continuing claims for unemployment insurance fell to another cycle low of 3.680M. The insured unemployment rate also fell to a low of 2.9%. These claimants, however, were only about half of the total number of people currently receiving unemployment insurance. Regular extended benefits, with eligibility dependent on conditions in individual states, rose to 7.604M during the week ending March 26 (the latest figure available). A companion program, Emergency Unemployment Compensation, referred to as EUC 2008, saw a reduced 3.551M beneficiaries (-39.3% y/y) in the March 26th week.

A grand total of all claimants for unemployment insurance includes extended and emergency programs and specialized programs covering recently discharged veterans, federal employees and those in state-run "work share" programs. All together, during the March 26th week, the total number of these recipients fell to 8.518M, off 23.8% y/y. We calculate a broader insured unemployment rate by taking this grand total as a percent of covered employment. The latest rate held at 5.6%. It peaked at 9.3% on January 2, 2010.

Two other programs, disaster unemployment assistance (DUA) and trade readjustment allowance (TRA), are reported through a different Labor Department channel. Claimants were the lowest since June in late December. All of these individual program data are not seasonally adjusted.

Data on weekly unemployment insurance programs are contained in Haver's WEEKLY database, including the seasonal factor series, and they are summarized monthly in USECON. Data for individual states, including the unemployment rates that determine individual state eligibility for the extended benefits programs and specific "tiers" of the emergency program, are in REGIONW, a database of weekly data for states and various regional divisions. Action Economics estimates are in AS1REPNA.

 

Unemployment Insurance (000s) 4/9/11 4/2/11 3/26/11 Y/Y % 2010 2009 2008
Initial Claims 412 385 392 -13.6 459 574 418
Continuing Claims -- 3,680 3,738 -21.9 4,544 5,807 3,338
Insured Unemployment Rate(%) -- 2.9 3.0 3.6
(4/10)
3.6 4.4 2.5
Total "All Programs" (NSA)* -- -- 8.518M -23.8 9.850M 9.163M 3.903M

*Excludes disaster unemployment assistance and trade readjustment allowance
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