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Economy in Brief

U.S. Initial Claims for Jobless Insurance Move Lower
by Tom Moeller  March 6, 2014

The labor market continues to show erratic improvement. Initial claims for unemployment insurance fell to 323,000 in the week ended March 1 from 349,000 in the prior week, initially reported as 348,000. The latest level was the lowest since late-November. Expectations had been for 337,000 claims in the Action Economics Forecast Survey. The four-week moving average of initial claims slipped to 336,500. During the last ten years there has been a 75% correlation between the level of claims and the m/m change in nonfarm payrolls.

Continuing claims for unemployment insurance in the week ended February 22 ticked lower to 2.907 million (-6.4% y/y) from 2.964 million. The four-week moving average slipped to 2.928 million. The insured rate of unemployment remained at 2.2% for the second week. This particular count covers only "regular" programs and does not include all extended benefit and other specialized jobless insurance programs. In the week of February 15, the latest available, the total of all benefit recipients declined to 3.399 million (-37.1% y/y). This broader measure is not seasonally adjusted. It compares to a cycle peak of 12.060 million in January 2010 and pre-recession figures that averaged 2.596 million in 2007.

By state, the insured rate of unemployment continued to vary greatly with Louisiana (1.18%), Florida (1.43%), Tennessee (1.48%), Texas (1.49%), North Carolina (1.85%), Indiana (1.93%) and Ohio (2.27%) at the low end of the range. At the high end were Michigan (3.23%), Massachusetts (3.39%), Illinois (3.52%), California (3.55%), New Jersey (4.12%), Pennsylvania (4.19%) and Alaska (5.68%). 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.

Janet L. Yellen's remarks at the Ceremonial Swearing-in as Chair of the Federal Reserve Board can be found here.

Unemployment Insurance (000s) 03/01/14 02/22/14 02/15/14 Y/Y % 2013 2012 2011
Initial Claims 323 349 334 -5.0 343 374 409
Continuing Claims -- 2,907 2,964 -6.4 2,980 3,319 3,742
Insured Unemployment Rate (%) -- 2.2 2.2 2.4
2.3 2.6 3.0
Total "All Programs" (NSA) -- -- 3.399 mil. -37.1 4.659 mil. 6.047 mil. 7.750 mil.
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