Global| Feb 23 2017U.S. Initial Unemployment Insurance Applications Increase
by:Tom Moeller
|in:Economy in Brief
Summary
Initial claims for unemployment insurance increased to 244,000 (-7.6% y/y) during the week ended February 18 from 238,000 claims in the week prior, revised from 239,000. Expectations had been for 240,000 claims in the Action Economics [...]
Initial claims for unemployment insurance increased to 244,000 (-7.6% y/y) during the week ended February 18 from 238,000 claims in the week prior, revised from 239,000. Expectations had been for 240,000 claims in the Action Economics Forecast Survey. The four-week moving average of claims declined to 241,000, the lowest level since July 1973.
The latest initial claims figure covers the survey period for February nonfarm payrolls, and there was a 7,000 increase in claims (3.0%) versus the January period. During the last ten years, there has been a 74% correlation between the level of initial claims and the m/m change in nonfarm payrolls.
Continuing claims for unemployment insurance declined to 2.060 million (-7.7% y/y) in the week of February 11 from 2.077 million. The four-week moving average of claimants declined to 2.070 million.
The insured rate of unemployment remained at 1.5%, which has been the average since September.
Insured rates of unemployment across states continue to vary widely. For the week ended February 4, the lowest rates were in Florida (0.55%), North Carolina (0.66%), Tennessee (0.82%), Virginia (0.83%), South Carolina (0.87%) and Nebraska (0.92%). The highest rates were found in California (2.59%), Pennsylvania (2.72%), Connecticut (2.86%), New Jersey (3.08%), Montana (3.10%) and Alaska (4.54%). The state 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 (SA, 000s) | 02/18/17 | 02/11/17 | 02/04/17 | Y/Y % | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|
| Initial Claims | 244 | 238 | 234 | -7.6 | 263 | 278 | 308 |
| Continuing Claims | -- | 2,060 | 2,077 | -7.7 | 2,136 | 2,267 | 2,599 |
| Insured Unemployment Rate (%) | -- | 1.5 | 1.5 |
1.6 |
1.6 | 1.7 | 2.0 |
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.
More Economy in Brief
