Global| Mar 19 2015U.S. Initial Claims for Unemployment Insurance Remain Little-Changed
by:Tom Moeller
|in:Economy in Brief
Summary
Initial jobless insurance claims of 291,000 in the week ended March 14 compared to 290,000 in the prior week, revised from 289,000. The four-week moving average of initial claims notched higher to 304,750. The Action Economics [...]
Initial jobless insurance claims of 291,000 in the week ended March 14 compared to 290,000 in the prior week, revised from 289,000. The four-week moving average of initial claims notched higher to 304,750. The Action Economics Forecast Survey expected 290,000 claims in the latest week.
The latest claims figure covers the survey period for March nonfarm payrolls. Claims rose 21,750 (7.7%) from the February period. During the last ten years, there has been a 76% correlation between the level of claims and the m/m change in nonfarm payrolls.
Continuing claims for unemployment insurance in the week ended March 7 declined to 2.417 million and reversed the prior week's modest rise to 2.428 million. The four-week moving average was little-changed at 2.418 million.
The insured rate of unemployment remained at 1.8% for the tenth straight week.
By state, in the week ended February 28 the insured rate of unemployment continued to vary greatly with Florida (0.87%), North Carolina (1.03%), Georgia (1.09%), Nebraska (1.11%), Louisiana (1.13%) and Mississippi (1.21%) at the low end of the range. At the high end were Maine (2.60%), Michigan (2.63%), California (2.89%), Massachusetts (3.13%), New Jersey (3.66%) and Alaska (4.28%). These data are not seasonally adjusted.
Data on weekly unemployment insurance are contained in Haver's WEEKLY database and they are summarized monthly in USECON. Data for individual states are in REGIONW. The expectations figure is from the Action Economics survey, carried in the AS1REPNA database.
| Unemployment Insurance (000s) | 03/14/15 | 03/07/15 | 02/28/15 | Y/Y % | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|
| Initial Claims | 291 | 290 | 325 | -9.9 | 309 | 343 | 374 |
| Continuing Claims | -- | 2,417 | 2,428 | -15.8 | 2,599 | 2,978 | 3,319 |
| Insured Unemployment Rate (%) | -- | 1.8 | 1.8 | 2.2 (03/14) |
2.0 | 2.3 | 2.6 |
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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