Global| Mar 24 2005Initial Unemployment Insurance Claims Back Up
by:Tom Moeller
|in:Economy in Brief
Summary
Initial claims for unemployment insurance rose 3,000 to 324,000 last week and the level of claims during the prior two weeks was revised slightly higher. Consensus expectations had been for 315,000 claims. The revisions raised the [...]
Initial claims for unemployment insurance rose 3,000 to 324,000 last week and the level of claims during the prior two weeks was revised slightly higher. Consensus expectations had been for 315,000 claims.
The revisions raised the increase in claims during the March survey period for nonfarm payrolls to 18,000 (+5.9%) versus the February period.
During the last ten years there has been a (negative) 75% correlation between the level of initial claims for unemployment insurance and the monthly change in payroll employment. There has been a (negative) 66% correlation with the level of continuing claims.
The four week moving average of initial claims rose to 321,750 (-5.4% y/y).
Continuing claims for unemployment insurance rose 31,000 from the prior week and the insured rate of unemployment remained at 2.1%.
| Unemployment Insurance (000s) | 03/19/05 | 03/12/05 | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Initial Claims | 324 | 321 | -5.8% | 343 | 402 | 404 |
| Continuing Claims | -- | 2,673 | -11.7% | 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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