Global| Jan 15 2015U.S. Initial Unemployment Insurance Claims Jump to Four-Month High
by:Tom Moeller
|in:Economy in Brief
Summary
Initial claims for unemployment insurance continue to track upward. During the week ended January 10, claims jumped to 316,000 (-4.0% y/y) from 297,000 in the week prior, revised from 294,000. The latest was the highest level since [...]
Initial claims for unemployment insurance continue to track upward. During the week ended January 10, claims jumped to 316,000 (-4.0% y/y) from 297,000 in the week prior, revised from 294,000. The latest was the highest level since the first week of September. The four-week moving average of initial claims edged higher to 298,000, the highest level in four weeks. The Action Economics Forecast Survey expected 292,000 claims in the latest week.
Continuing claims for unemployment insurance in the week ended January 3rd fell to 2.424 million (-17.7% y/y) from 2.475 million. The four-week moving average rose to 2.415 million.
The insured rate of unemployment fell to 1.8% from an upwardly revised 1.9%.
By state, in the week ended December 27, the insured rate of unemployment continued to vary greatly with South Dakota (0.85%), North Carolina (1.06%), Oklahoma (1.07%), Virginia (1.10%), Utah (1.15%) and Tennessee (1.21%) at the low end of the range. At the high end were California (2.76%), Wisconsin (3.04%), Pennsylvania (3.11%), Connecticut (3.33%), New Jersey (3.41%) and Alaska (5.04%). 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) | 01/10/15 | 01/03/15 | 12/27/14 | Y/Y % | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|
| Initial Claims | 316 | 297 | 298 | -4.0 | 309 | 343 | 374 |
| Continuing Claims | - | 2,424 | 2,475 | -17.7 | 2,599 | 2,978 | 3,319 |
| Insured Unemployment Rate (%) | -- | 1.8 | 1.9 | 2.2 (01/14) |
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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