Global| Jul 13 2006Initial Unemployment Insurance Claims Increased
by:Tom Moeller
|in:Economy in Brief
Summary
Initial claims for unemployment insurance jumped 19,000 to 332,000 last week after an unrevised 2,000 slip during the prior week. Consensus expectations had been for a lesser gain to 320,000 claims. The Labor Department indicated that [...]
Initial claims for unemployment insurance jumped 19,000 to 332,000 last week after an unrevised 2,000 slip during the prior week. Consensus expectations had been for a lesser gain to 320,000 claims.
The Labor Department indicated that the increase reflected the annual July automobile industry plant closings for model changeover as well as 4,000 unadjusted new claims caused by a partial shutdown of the New Jersey state government. It furloughed 45,000 state workers but the shutdown over a missed budget deadline has since been resolved.
The four-week moving average of initial claims rose to 317,250 (-2.0% y/y).
Continuing claims for unemployment insurance fell 18,000 following a slightly revised 45,000 increase the previous week.
The insured rate of unemployment was stable at 1.9% where it has been since February.
Employment growth, job creation, and job destruction in Ohio from the Federal Reserve Bank of Cleveland can be found here.
| Unemployment Insurance (000s) | 07/08/06 | 07/01/06 | Y/Y | 2005 | 2004 | 2003 |
|---|---|---|---|---|---|---|
| Initial Claims | 332 | 313 | 0.0% | 332 | 343 | 403 |
| Continuing Claims | -- | 2,429 | -7.3% | 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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