Global| Feb 16 2006Initial Unemployment Insurance Claims Up Again
by:Tom Moeller
|in:Economy in Brief
Summary
Initial claims for jobless insurance rose 19,000 last week to 297,000, the highest level since early January. The prior week's increase was little revised so initial claims have been below 300,000 during six of the last seven weeks. [...]
Initial claims for jobless insurance rose 19,000 last week to 297,000, the highest level since early January. The prior week's increase was little revised so initial claims have been below 300,000 during six of the last seven weeks. Consensus expectations had been for an increase to 285,000 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 rose to 283,000 (-9.3% y/y).
Continuing unemployment insurance claims reversed most of the prior week's revised increase and fell 39,000.
The insured rate of unemployment remained at 2.0% for the second week.
| Unemployment Insurance (000s) | 02/11/06 | 02/04/06 | Y/Y | 2005 | 2004 | 2003 |
|---|---|---|---|---|---|---|
| Initial Claims | 297 | 278 | -3.6% | 332 | 343 | 402 |
| Continuing Claims | -- | 2,511 | -7.2% | 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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