Global| Jul 07 2016U.S. Initial Unemployment Insurance Claims Approach April Low
by:Tom Moeller
|in:Economy in Brief
Summary
Initial claims for unemployment insurance claims declined 16,000 to 254,000 (-12.0% y/y) during the week ended July 2 from 270,000 in the prior week, revised from 268,000. It was the lowest level since mid-April. The Action Economics [...]
Initial claims for unemployment insurance claims declined 16,000 to 254,000 (-12.0% y/y) during the week ended July 2 from 270,000 in the prior week, revised from 268,000. It was the lowest level since mid-April. The Action Economics Forecast Survey expected 270,000 claims. The four-week moving average of claims fell to 264,750. During the last ten years, there has been a 74% correlation between the level of claims and the m/m change in payroll employment.
In the week ending June 25, continuing claims for unemployment insurance declined to 2.124 million (-4.0% y/y) from 2.168 million. Continuing claims were near the lowest level since 2000. The four-week moving average remained roughly steady at 2.148 million.
The insured rate of unemployment held near the record low at 1.6%.
Insured rates of unemployment across states continued to vary. Near the low end of the range were South Dakota (0.36%), Florida (0.67%), Utah (0.70%), Indiana (0.76%), Virginia (0.82%) and Tennessee (0.88%). At the high end of the scale were Texas (1.67%), Massachusetts (1.80%), Nevada (1.84%), Illinois (1.96%), New Jersey (2.26%) and Pennsylvania (2.37%). 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 (000s) | 07/02/16 | 06/25/16 | 06/18/16 | Y/Y | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|
| Initial Claims | 254 | 270 | 258 | -12.0% | 277 | 307 | 342 |
| Continuing Claims | -- | 2,124 | 2,168 | -4.0 | 2,268 | 2,607 | 2,978 |
| Insured Unemployment Rate (%) | -- | 1.6 | 1.6 |
1.7 |
1.7 | 2.0 | 2.3 |
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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