Global| Dec 05 2002Initial Claims for Jobless Insurance Fell Unexpectedly
by:Tom Moeller
|in:Economy in Brief
Summary
Initial claims for unemployment insurance fell unexpectedly last week and remained at the lowest level since early last year. Claims in the prior week were revised up slightly. The latest decline in initial claims may reflect the late [...]
Initial claims for unemployment insurance fell unexpectedly last week and remained at the lowest level since early last year. Claims in the prior week were revised up slightly.
The latest decline in initial claims may reflect the late timing of the Thanksgiving holiday and the difficulties of seasonal adjustment.The four-week moving average of initial claims dropped to 376,500, down 14.3% y/y.
Continuing claims for unemployment insurance fell a sharp 3.4% to the lowest level since mid-July. The prior week's sharp increase was revised down. The latest figure is for the week before Thanksgiving. Regardless, the timing of holidays should not affect the seasonal patterns of continuing claims since claimants receive benefits by mail.
The insured rate of unemployment fell to 2.7%, the lowest level since early August, and the prior week's rate was revised down.
| Unemployment Insurance (000s) | 11/30/02 | 11/23/02 | Y/Y | 2001 | 2000 | 1999 |
|---|---|---|---|---|---|---|
| Initial Claims | 355.0 | 368.0 | -19.7% | 405.8 | 299.8 | 297.7 |
| Continuing Claims | -- | 3,486 | -2.7% | 3,021 | 2,114 | 2,186 |
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.
More Economy in Brief
