Global| Mar 09 2006Initial Unemployment Insurance Claims Highest in Two Months
by:Tom Moeller
|in:Economy in Brief
Summary
Initial claims for unemployment insurance rose 8,000 to 303,000 to the highest level since early January while the prior week's level was revised up slightly. Consensus expectations had been for a decline to 290,000 claims. During the [...]
Initial claims for unemployment insurance rose 8,000 to 303,000 to the highest level since early January while the prior week's level was revised up slightly. Consensus expectations had been for a decline to 290,000 claims.
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 increased to 293,500 (-7.4% y/y), its highest level since mid-January.
Continuing unemployment insurance claims rose 29,000 following a revised 11,000 decline the prior week. It was the first increase in four weeks.
The insured rate of unemployment was stable at 1.9% for the fourth week.
Understanding the employment measures from the CPS and CES survey from the Bureau of Labor Statistics can be found here.
| Unemployment Insurance (000s) | 03/04/06 | 02/25/06 | Y/Y | 2005 | 2004 | 2003 |
|---|---|---|---|---|---|---|
| Initial Claims | 303 | 295 | -9.6% | 332 | 343 | 402 |
| Continuing Claims | -- | 2,505 | -7.0% | 2,663 | 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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