Global| May 05 2005Initial Unemployment Insurance Claims Higher Again
by:Tom Moeller
|in:Economy in Brief
Summary
Initial claims for unemployment insurance rose further last week. The 11,000 increase to 333,000 followed an upwardly revised gain of 23,000 the week prior. Consensus expectations had been for 325,000 claims. During the last ten years [...]
Initial claims for unemployment insurance rose further last week. The 11,000 increase to 333,000 followed an upwardly revised gain of 23,000 the week prior. Consensus expectations had been for 325,000 claims.
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) 65% correlation with the level of continuing claims.
The four week moving average of initial claims nevertheless fell to 321,500 (-6.9% y/y).
Continuing claims for unemployment insurance gained back 38,000 of a deepened 80,000 drop the prior week.
The insured unemployment rate held at 2.0%.
| Unemployment Insurance (000s) | 04/30/05 | 04/23/05 | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Initial Claims | 333 | 322 | 1.2% | 343 | 402 | 404 |
| Continuing Claims | -- | 2,589 | -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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