Global| Apr 20 2006Initial Claims for Unemployment Insurance Drop
by:Tom Moeller
|in:Economy in Brief
Summary
Initial claims for jobless insurance reversed about all of the prior week's rise with a 10,000 worker decline to 303,000. Consensus expectations had been for an unchanged reading at 313,000 claims versus the prior week's unrevised [...]
Initial claims for jobless insurance reversed about all of the prior week's rise with a 10,000 worker decline to 303,000. Consensus expectations had been for an unchanged reading at 313,000 claims versus the prior week's unrevised figure.
The latest figure covers the survey period for April nonfarm payrolls and claims fell 9,000 (-2.9%) from the March period.
During the last ten years there has been a (negative) 75% correlation between the level of initial jobless insurance claims and the m/m change in payroll employment.
The four-week moving average of initial claims slipped to 305,250 (-9.2% y/y).
Continuing claims for unemployment insurance rose 18,000 during the latest week following a revised 11,000 decline the prior week.
The insured rate of unemployment was stable at 1.9% where it's been for almost two months.
Are We Working Too Hard of Should We Be Working Harder? A Sample Model of Career Concerns from the Federal Reserve Bank of Richmond is available here.
| Unemployment Insurance (000s) | 04/15/06 | 04/08/06 | Y/Y | 2005 | 2004 | 2003 |
|---|---|---|---|---|---|---|
| Initial Claims | 303 | 313 | -3.8% | 332 | 343 | 402 |
| Continuing Claims | -- | 2,439 | -7.6% | 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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