Global| Sep 29 2005Unemployment Insurance Claims Fell Sharply
by:Tom Moeller
|in:Economy in Brief
Summary
Initial claims for unemployment insurance fell a sharp 79,000 to 356,000 last week following a 11,000 rise the prior week which was little revised. Consensus expectations had been that claims would remain in a range of 350,000 to [...]
Initial claims for unemployment insurance fell a sharp 79,000 to 356,000 last week following a 11,000 rise the prior week which was little revised. Consensus expectations had been that claims would remain in a range of 350,000 to 500,000, wide due to uncertainty caused by Hurricanes.
The Labor Department indicated that, seasonally unadjusted, initial claims linked to Hurricane Katrina totaled 60,000, down from 108,000 the prior week. No claims were yet linked to Hurricane Rita.
The four-week moving average of initial claims rose to 385.500 (13.0% y/y) from 377,000 during the prior four weeks.
Continuing claims for unemployment insurance surged 144,000 following a slightly revised 80,000 increase during the prior week.
The insured rate of unemployment rose to 2.2% from 2.1% the week prior.
| Unemployment Insurance (000s) | 09/24/05 | 09/17/05 | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Initial Claims | 356 | 435 | 0.0% | 343 | 402 | 404 |
| Continuing Claims | -- | 2,802 | -1.7% | 2,926 | 3,531 | 3,570 |
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.
