By Kevin Kastner
WASHINGTON (MNI) – Initial claims for U.S. state unemployment
benefits fell 4,000 to 444,000 in the May 8 week after seasonal
adjustment, according to data released by the U.S. Labor Department
Thursday morning.
The level was slightly above the 440,000 level expected in a Market
News International survey of economists. Initial claims were revised up
to a 448,000 level in the May 1 week from the originally reported
444,000 level.
A Labor analyst said that seasonal adjustment factors expected a
rise in unadjusted claims of about 3.7%, which would have been an
increase of about 14,000 claims. Unadjusted initial claims actually rose
2.8%, or 11,132, to a level of 407,267. This is still well below the
570,412 level in the comparable week a year earlier.
The initial claims seasonally adjusted 4-week average declined
9,000 to 450,500 in the May 8 week. Both the initial claims level and
the four-week moving average for initial claims were the lowest since
the March 27 week.
In the May 1 week, continuing claims rose by 12,000 to 4.627
million, but were down 140,708 unadjusted.
The seasonally adjusted insured unemployment rate remained at 3.6%
in the May 1 week, which is well below the 4.8% 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 there were 216,874 less unadjusted
Emergency Unemployment Compensation benefits claims in the April 24
week, bringing that category to 5,137,385. Extended benefits claims rose
by 17,325 to 218,812 not seasonally adjusted.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: MAUDS$,MT$$$$,M$U$$$,MAUDR$]
