Global| Aug 31 2006Initial Claims for Jobless Insurance Dip
by:Tom Moeller
|in:Economy in Brief
Summary
Last week, initial claims for unemployment insurance fell 2,000 to 316,000 after an upwardly revised 4,000 increase during the prior week. Consensus expectations had been for 315,000 claims. During the last ten years there has been a [...]
Last week, initial claims for unemployment insurance fell 2,000 to 316,000 after an upwardly revised 4,000 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 increased to 317,500 (0.1% y/y).
Continuing claims for unemployment insurance rose 3,000 following a deepened 18,000 decline during the prior week.
The insured rate of unemployment was steady at 1.9% where it has been since February.
U.S. maneuvers through choppy waters from the Federal Reserve Bank of St. Louis is available here.
| Unemployment Insurance (000s) | 8/26/06 | 8/19/06 | Y/Y | 2005 | 2004 | 2003 |
|---|---|---|---|---|---|---|
| Initial Claims | 316 | 318 | -1.2% | 332 | 343 | 403 |
| Continuing Claims | -- | 2,486 | -4.6% | 2,662 | 2,924 | 3,532 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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