–Seasonal Factors Hit by Possible Easter Dates, Calif Chavez Holiday
By Denny Gulino and Ian Mckendry
WASHINGTON (MNI) – Initial claims for U.S. state unemployment
benefits rose 18,000 to 460,000 in the April 3 week, as seasonal
factors were affected by Easter and the California Chavez holiday,
the U.S. Labor Department reported Thursday morning.
The level was well above the 436,000 expected but the Labor
Department analyst, citing the adjustment difficulties there seemed
to be “nothing really unusual in the numbers.” He warned of another two
to three weeks of possible adjustment factor volatility.
The previous week was revised down 3,000. The initial claims
seasonally adjusted 4-week average rose 2,250 to 450,250 in the week.
In the March 27 week, continuing claims fell by 131,000 to
4,550,000.comopared to 5.84 million a year earlier.
The seasonally adjusted insured unemployment rate clicked
down a tenth to 3.5% in the March 27 week compared to 4.4% 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 there were 300,853 fewer persons
claiming unadjusted Emergency Unemployment Compensation benefits claims
in the March 20 week, bringing that category to 5,593.484. Extended
benefits claims were 214,393 in the that week.
The Labor analyst said of the latest week’s initial claims, that
the seasonal factors have to cope with four possible dates for Easter
plus the relatively new Cesar Chavez California state holiday as well as
a “quarter change” effect seen in the numbers. Historicals show that
it’s not uncommon to have upward spikes this time of year, including one
25% increase in a recent year.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: MAUDS$,MT$$$$,M$U$$$,MAUDR$]
