–Four-Week Moving Average Down For Sixth Straight Week
–Only Virgin Island Claims Data Estimated In October 2 Week

By Kevin Kastner and Ian McKendry

WASHINGTON (MNI) – Initial claims for U.S. state unemployment
benefits fell by 11,000 to 445,000 in the October 2 week after seasonal
adjustment, the lowest level since the July 10 week, the U.S. Labor
Department reported Thursday.

Economists surveyed by Market News International had expected
initial claims to rise to 455,000 in the current week, from 453,000
originally reported in the previous week. The September 25 week’s level
was revised up to 456,000.

A Labor Department analysts said that for the latest week, seasonal
factors expected unadjusted claims to rise by “a mild” 2.0%, or about
7,000 claims. Instead, they fell 0.4%, or 1,532 claims, to 371,004.
Unadjusted claims were at a level of 451,860 in the comparable week a
year ago.

He added that the Virgin Islands did not submit data for the
October 2 week, so the Labor Department estimated those claims.

The initial claims seasonally adjusted 4-week moving average fell
by 3,000 to 455,750 in the October 2 week, again the lowest since the
end of July and its sixth consecutive weekly decline.

In the September 25 week, continuing claims fell by 48,000 to
4,462,000, the lowest since the June 26 week. Unadjusted continuing
claims fell 71,488 to 3,739,443, well below the 5,017,172 level a year
earlier.

The seasonally adjusted insured unemployment rate fell to 3.5% in
the September 25 week from 3.6% in the previous week and 4.5% in the
comparable week a year earlier.

The unemployment rate among the insured labor force is well below
that reported monthly by the Labor Department because claims are
approved for the most part only for job losers, not the job leavers and
labor force reentrants included in the monthly report.

The Labor Department said that the level of unadjusted Emergency
Unemployment Compensation benefits claims rose by 157,735 in the
September 18 week, bringing that category to 4,123,513. Extended
benefits claims rose 98,806 to 1,011,919 not seasonally adjusted.

** Market News International Washington Bureau: 202-371-2121 **

[TOPICS: MAUDS$,MT$$$$,M$U$$$,MAUDR$]