–Now New Low Since 385,000 In April 2 Week; Prev Week Revised to 401k
–Claims Now Reported At Or Above 400,000 For 17 Consecutive Weeks
–Only One State Estimated; Minnesota Not Mentioned In Report

By Brai Odion-Esene and Kevin Kastner

WASHINGTON (MNI) – Initial claims for U.S. state unemployment
benefits fell a mere 1,000 to a level of 400,000 after seasonal
adjustment in the July 30 week, now the lowest level since the April 2
week, the Labor Department reported Thursday.

Economists surveyed by Market News International had expected
initial claims to come in at 400,000, up 2,000 from the initially
reported level of 398,000 in the July 23 week. The previous week’s
claims were revised up to a level of 401,000, meaning initial claims
have been reported at or above 400,000 for 17 straight weeks.

The initial claims seasonally adjusted 4-week moving average was
407,750 in the July 30 week, down 6,750 from the previous week and the
lowest level since the April 16 week. This the fifth consecutive week
that this average has declined.

A Labor Department analyst said seasonal factors had expected a
drop of 7.9%, or about 29,270 unadjusted claims in the current week.
Claims actually fell 8.1%, or 29,939 to 339,348 in the current week.
Unadjusted claims were at a level of 402,140 in the comparable week a
year earlier.

The analyst noted there is no mention of Minnesota in the current
week’s report. Also, Virginia sent an estimate of its claims this week
rather than actual data due to computer issues.

The state data released for the July 23 week indicated unadjusted
initial claims increased in five states and declined in 48 states. The
District of Columbia, Puerto Rico, and Virgin Islands are included in
this data.

In the July 23 week, continuing claims rose 10,000 to 3,730,000
after adjustment, while unadjusted continuing claims fell by 89,947 to
3,663,134.

The seasonally adjusted insured unemployment rate was unchanged at
3.0% in the July 23 week vs. the prior week, and is still well below the
3.6% rate 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 fell 12,193 in the July 16
week, bringing that category to 3,184,621. Extended benefits claims
plunged 54,235 to 533,450, not seasonally adjusted in the same week.

The Labor Department reported that a total of 7,570,439 persons
claimed unemployment benefits in the July 16 week, a decline of 75,192
from the previous week, but still well below the 8,625,193 persons in
the comparable week a year ago. These data are not seasonally adjusted,
and include regular state claims, federal employee claims, new veterans
claims, the EUC and extended benefits programs, state additional
benefits, and STC/Workshare claims.

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

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