Global| Nov 13 2008U.S. Claims For Unemployment Insurance Top 500,000
by:Tom Moeller
|in:Economy in Brief
Summary
The weakening job market pushed initial claims for jobless insurance above 500,000 for the first time since they were briefly there; late during the recession of 2001 and just after the 9/11 terrorist attacks. At 516,000, claims rose [...]
The weakening job market pushed initial claims for jobless insurance above 500,000 for the first time since they were briefly there; late during the recession of 2001 and just after the 9/11 terrorist attacks. At 516,000, claims rose last week from an upwardly revised reading of 484,000 during the prior period. Expectations had been for 479,000 claims. The four-week moving average of initial claims rose to this cycle's high of 491,000 (48.0% y/y).
The largest increases in initial claims for the week ending Nov. 1 were in Ohio (+3,885), Michigan (+2,619), Pennsylvania (+2,155), Wisconsin (+2,119), and Arizona (+1,692), while the largest decreases were in California (-3,603), Florida (-2,327), Nevada (-943), South Carolina (-824), and Indiana (-621).
Continuing claims for unemployment insurance during the week of November 1 rose another 65,000 after the prior week's 111,000 upward spurt. The four-week average of continuing claims rose to 3,794,000, this cycle's high and the highest since 1983. Continuing claims provide some indication of workers' ability to find employment and they lag the initial claims figures by one week.
The insured rate of unemployment rose to a new cycle high of 2.9%. The Commerce Department indicated that the highest insured unemployment rates in the week ending October 25 were in Puerto Rico (5.1 percent), Oregon (3.7), Nevada (3.6), Michigan (3.5), California (3.4), New Jersey (3.3), South Carolina (3.3), Pennsylvania (3.2), Arkansas (3.1), Alaska (3.0), and North Carolina (3.0).
| Unemployment Insurance (000s) | 11/08/08 | 11/01/08 | 10/25/08 | Y/Y | 2007 | 2006 | 2005 |
|---|---|---|---|---|---|---|---|
| Initial Claims | 516 | 484 | 485 | 52.7% | 322 | 313 | 331 |
| Continuing Claims | -- | 3,897 | 3,832 | 50.6% | 2,552 | 2,459 | 2,662 |
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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