Global| Oct 20 2005Initial Claims for Jobless Insurance Down Sharply
by:Tom Moeller
|in:Economy in Brief
Summary
Initial claims for unemployment insurance dropped 35,000 to 355,000 last week versus a little revised level of 389,000 during the prior period. Consensus expectations had been for 370,000 claims. The Labor Department indicated that [...]
Initial claims for unemployment insurance dropped 35,000 to 355,000 last week versus a little revised level of 389,000 during the prior period. Consensus expectations had been for 370,000 claims.
The Labor Department indicated that 40,000 initial claims last week were linked to Hurricanes Katrina & Rita.
The latest figure covers the survey period for October nonfarm payrolls and initial claims fell 80,000 (18.4%) from the September period.
The four-week moving average of initial claims fell to 376,000 (+9.3% y/y) from 396,000 during the prior four weeks.
Continuing claims for unemployment insurance rose 35,000 following a deepened 12,000 worker decline during the prior week.
The insured rate of unemployment rose to 2.3% from 2.2% during the prior three weeks. The low in early September was 2.0%.
The latest Beige Book covering US regional economic conditions from the Federal Reserve Board can be found here.
Remarks by Fed Governor Donald L. Kohn titled The Economic Outlook are available here.
| Unemployment Insurance (000s) | 10/15/05 | 10/08/05 | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Initial Claims | 355 | 389 | 6.0% | 343 | 402 | 404 |
| Hurricane Related Claims (000, NSA) | 40 | 75 | ||||
| Continuing Claims | -- | 2,370 | 3.4% | 2,926 | 3,531 | 3,570 |
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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