Global| Jun 22 2006Initial Claims for Unemployment Insurance Up Slightly
by:Tom Moeller
|in:Economy in Brief
Summary
Initial unemployment insurance claims increased 11,000 to 308,000 last week. The rise followed a decline of 6,000 the week prior that was slightly shallower than initially estimated and about matched Consensus expectations for 309,000 [...]
Initial unemployment insurance claims increased 11,000 to 308,000 last week. The rise followed a decline of 6,000 the week prior that was slightly shallower than initially estimated and about matched Consensus expectations for 309,000 claims.
The latest figure covers the survey period for June nonfarm payrolls and claims fell 36,000 (-10.5%) from the May period.
During the last ten years there has been a 78% (negative) correlation between the level of initial claims and the m/m change in payroll employment.
The four-week moving average of initial claims dropped to 311,250 (-6.7% y/y).
Continuing claims for unemployment insurance rose 18,000 following a downwardly revised 11,000 increase the previous week.
The insured rate of unemployment remained stable at 1.9% for the fifth consecutive week.
Ups and Downs: How Wages Change Over the Business Cycle from the Federal Reserve Bank of Philadelphia is available here.
| Unemployment Insurance (000s) | 06/17/06 | 06/10/06 | Y/Y | 2005 | 2004 | 2003 |
|---|---|---|---|---|---|---|
| Initial Claims | 308 | 297 | -4.3% | 332 | 343 | 403 |
| Continuing Claims | -- | 2,439 | -6.8% | 2,663 | 2,923 | 3,530 |
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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