Jobless claims: Another 269,000 individuals filed new claims last week, reaching fresh pandemic-era

[mahatmakanejeeves]

Source: Yahoo! Finance

Yahoo Finance

Jobless claims: Another 269,000 individuals filed new claims last week, reaching fresh pandemic-era low

Emily McCormick · Reporter
Thu, November 4, 2021, 8:30 AM

New weekly jobless claims came in at yet another pandemic-era low, with more progress being made in the labor market as new virus infections fall and companies compete for workers.

The Labor Department released its jobless claims report Thursday morning. Here were the main metrics from the print, compared to consensus estimates compiled by Bloomberg:

-- Initial unemployment claims, week ended October 30: 269,000 vs. 275,000 expected, 281,000 during prior week

-- Continuing claims, week ended October 23: 2.105. million vs. 2.147 million expected, 2.243 million during prior week

New jobless claims came in below the psychologically important 300,000 mark for a fourth straight week, and reached the lowest level since March 2020. This would represent a significant improvement from last year, when new claims were coming in at a weekly pace of more than 700,000 throughout October 2020. But new weekly filings have yet to break back to pre-virus levels, since new claims were coming in at a weekly rate of just over 200,000 throughout 2019.

Stay ahead of the market
Other data on the labor market has also been moving in an improving direction recently. On Wednesday, ADP reported that private employers added back 571,000 payrolls in October, or the most since June. And Friday's government-issued jobs report from the Labor Department is expected to show a pick-up in hiring, with 450,000 positions expected to have come back after a disappointing 194,000 in September.

{snip}

Read more: https://finance.yahoo.com/news/weekly-jobless-claims-week-ended-october-30-2021-184411510.html

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Initial jobless claims placeholder atricle, Wed, November 3, 2021:

Yahoo Finance
Jobless claims preview: Another 275,000 individuals likely filed new claims last week

https://finance.yahoo.com/news/weekly-jobless-claims-week-ended-october-30-2021-184411510.html

Emily McCormick · Reporter
Wed, November 3, 2021, 2:44 PM

New weekly jobless claims are expected to come in at yet another pandemic-era low, with more progress being made in the labor market as new virus infections fall and companies compete for workers.

The Labor Department is set to release its jobless claims report Thursday morning. Here are the main metrics expected from the print, compared to consensus estimates compiled by Bloomberg:

-- Initial unemployment claims, week ended October 30: 275,000 expected, 281,000 during prior week

-- Continuing claims, week ended October 23: 2.147 million expected, 2.243 million during prior week

Economists anticipate that new jobless claims came in below the psychologically important 300,000 mark for a fourth straight week, and reached the lowest level since March 2020. This would represent a significant improvement from last year, when new claims were coming in at a weekly pace of more than 700,000 throughout October 2020. But new weekly filings have yet to break back to pre-virus levels, since new claims were coming in at a weekly rate of just over 200,000 throughout 2019.

Other data on the labor market has also been moving in an improving direction recently. On Wednesday, ADP reported that private employers added back 571,000 payrolls in October, or the most since June. And Friday's government-issued jobs report from the Labor Department is expected to show a pick-up in hiring, with 450,000 positions expected to have come back after a disappointing 194,000 in September.


But even given the past months of jobs growth, the labor market has yet to return fully to pre-pandemic conditions. Labor supply shortages continue to weigh on companies across industries, and workers have been quitting their jobs in record droves. As of September, the civilian labor force was still down by about 3.1 million individuals from pre-virus levels.

"We're still some ways away from full employment. We should not believe that the current environment is actually the new normal," Gregory Daco, Oxford Economics chief U.S. economist, told Yahoo Finance Live on Wednesday. "We went through a summer lull, where there was a rise in Delta infections, which led to renewed virus fear and renewed care for sick people. We know that was a big constraint on labor supply."

Story continues

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A LA MODE
13 minutes ago {5:58 a.m. Thurs}

Since 1989 Bush Bush Trump claimed to be the jobs creators presidents. Instead the created a total of ZERO jobs since 1989. Source WIKI and I looked up the 33 years of data at BLS and the total was zero

[Lovie777]

1. President Biden, Vice President Harris, Dr. Fauci . . ...

and the Democratic Party - thank you for caring about us.

[mahatmakanejeeves]

2. 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, November 4, 2021

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS

SEASONALLY ADJUSTED DATA

In the week ending October 30, the advance figure for seasonally adjusted initial claims was 269,000, a decrease of 14,000 from the previous week's revised level. This is the lowest level for initial claims since March 14, 2020 when it was 256,000. The previous week's level was revised up by 2,000 from 281,000 to 283,000. The 4-week moving average was 284,750, a decrease of 15,000 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 299,250 to 299,750.

The advance seasonally adjusted insured unemployment rate was 1.6 percent for the week ending October 23, a decrease of 0.1 percentage point from the previous week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending October 23 was 2,105,000, a decrease of 134,000 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 down by 4,000 from 2,243,000 to 2,239,000. The 4-week moving average was 2,356,750, a decrease of 155,500 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 down by 1,000 from 2,513,250 to 2,512,250.

{snip}

UNADJUSTED DATA

{snip. Emphasis mine}

The total number of continued weeks claimed for benefits in all programs for the week ending October 16 was 2,672,948, a decrease of 157,731 from the previous week. There were 22,013,937 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 21-1957-NAT

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

[DownriverDem]

3. Repub plan

Destroy the country so folks put repubs back in. Of course most folks are ignoring what is actually happening.

[Johnny2X2X]

4. Truth

Donald Trump left office with the worst jobs record since Herbert Hoover and with the worst year for growth since 1947. That's what Biden was handed, what he has done since he took over is nothing short of astonishing. Record jobs growth, economic growth at the highest in decades, stock markets breaking all time highs currently. Dems need to brag more.