Jobless claims: Another 332,000 individuals filed new claims last week

[mahatmakanejeeves]

Source: Yahoo! Finance

Yahoo Finance

Jobless claims: Another 332,000 individuals filed new claims last week

Emily McCormick·Reporter
Thu, September 16, 2021, 8:31 AM · 3 min read

New weekly jobless claims rose from a pandemic-era low last week, pointing to sustained improvements in the labor market's recovery.

The Labor Department released its weekly jobless claims report on Thursday at 8:30 a.m. ET. Here were the main metrics from the print, compared to consensus estimates compiled by Bloomberg:

-- Initial unemployment claims, week ended September 11: 332,000 vs. 322,000 expected and a revised 312,000 during prior week

-- Continuing claims, week ended September 4: 2.665 million vs. 2.740 million expected and 2.783 million during prior week

Initial jobless claims had reached their lowest level since March 2020 at the start of September, as the pace of those newly unemployed edged closer to pre-pandemic standards. New jobless claims had come in at a rate of around 220,000 per month throughout 2019.

The four-week moving average for weekly new claims has also moved to the lowest level in 18 months, coming in at about 335,750 as of last week. This metric helps smooth out some of the volatility in the weekly figures, and has been on a clear downward path throughout the year. The continued drop in new claims has also underscored the fact that labor shortages and difficulties in hiring have been the bigger drag on the labor market in recent months, rather than firings and separations.

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Read more: https://finance.yahoo.com/news/weekly-jobless-claims-week-ended-september-11-2021-190708680.html

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Here's the placeholder article:

Jobless claims: Another 323,000 individuals likely filed new claims
Check back at 8:30 a.m. ET for the results

Yahoo Finance
Jobless claims preview: Another 322,000 individuals likely filed new claims last week
Emily McCormick
Emily McCormick·Reporter
Wed, September 15, 2021, 3:07 PM

https://finance.yahoo.com/news/weekly-jobless-claims-week-ended-september-11-2021-190708680.html

New weekly jobless claims likely rose just slightly from a pandemic-era low last week, pointing to sustained improvements in the labor market's recovery.

The Labor Department is set to release its weekly jobless claims report on Thursday at 8:30 a.m. ET. Here are the main metrics expected from the print, compared to consensus estimates compiled by Bloomberg:

-- Initial unemployment claims, week ended September 11: 322,000 expected and 310,000 during prior week

-- Continuing claims, week ended September 4: 2.740 million expected and 2.783 million during prior week

Initial jobless claims fell more than expected to reach their lowest level since March 2020 at the start of September, as the pace of those newly unemployed edged closer to pre-pandemic standards. New jobless claims had come in at a rate of around 220,000 per month throughout 2019.

"A combination of unfavorable seasonals and a surge in applications delayed by Hurricane Ida suggests claims will rebound to about 330K from 310K," Ian Shepherdson, chief economist at Pantheon Macroeconomics, wrote in a note. "But the trend is falling."

The four-week moving average for weekly new claims has also moved to the lowest level in 18 months, coming in at about 339,500 as of last week. This metric helps smooth out some of the volatility in the weekly figures, and has been on a clear downward path throughout the year. The continued drop in new claims has also underscored the fact that labor shortages and difficulties in hiring have been the bigger drag on the labor market in recent months, rather than firings and separations.

{snip}

[mahatmakanejeeves]

1. From the source:

https://www.dol.gov/ui/data.pdf

News Release

Connect with DOL at
https://blog.dol.gov

TRANSMISSION OF MATERIALS IN THIS RELEASE IS EMBARGOED UNTIL
8:30 A.M. (Eastern) Thursday, September 16, 2021

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS

SEASONALLY ADJUSTED DATA

In the week ending September 11, the advance figure for seasonally adjusted initial claims was 332,000, an increase of 20,000 from the previous week's revised level. The previous week's level was revised up by 2,000 from 310,000 to 312,000. The 4-week moving average was 335,750, a decrease of 4,250 from the previous week's revised average. This is the lowest level for this average since March 14, 2020 when it was 225,500. The previous week's average was revised up by 500 from 339,500 to 340,000.

The advance seasonally adjusted insured unemployment rate was 1.9 percent for the week ending September 4, a decrease of 0.2 percentage point from the previous week's revised rate. The previous week's rate was revised up by 0.1 from 2.0 to 2.1 percent. The advance number for seasonally adjusted insured unemployment during the week ending September 4 was 2,665,000, a decrease of 187,000 from the previous week's revised level. This is the lowest level for insured unemployment since March 14, 2020 when it was 1,770,000. The previous week's level was revised up 69,000 from 2,783,000 to 2,852,000. The 4-week moving average was 2,807,500, a decrease of 50,000 from the previous week's revised average. This is the lowest level for this average since March 21, 2020 when it was 2,071,750. The previous week's average was revised up by 17,250 from 2,840,250 to 2,857,500.

{snip}

UNADJUSTED DATA

{snip. Emphasis mine}

The total number of continued weeks claimed for benefits in all programs for the week ending August 28 was 12,106,727, an increase of 178,937 from the previous week. There were 30,383,772 weekly claims filed for benefits in all programs in the comparable week in 2020.

{snip the rest of the twelve-page news release, until the end}

Weekly Claims Archives
Weekly Claims Data

U.S. Department of Labor news materials are accessible at http://www.dol.gov. The Department's Reasonable Accommodation Resource Center converts Departmental information and documents into alternative formats, which include Braille and large print. For alternative format requests, please contact the Department at [phone] (voice) or [phone] (federal relay).

U.S. Department of Labor
Employment and Training Administration
Washington, D.C. 20210
Release Number: USDL 21-1675-NAT

Program Contacts:
Thomas Stengle: [phone]
Media Contact: [phone]

[Johnny2X2X]

2. A reminder

Donald Trump was a total and complete economic disaster for America, he had the worst jobs record of any US President since Herbert Hoover and left the economy with the worst year for growth since WWII.

322,000 is still elevated, but it's way better than where we were several months ago. 225,000 a week is the normal we are chasing.