–Unadjusted Claims +37,423 to 535,112;4-Wk Moving Ave -3,250 to 373,250
By Denny Gulino and Kevin Kastner
WASHINGTON (MNI) – Initial claims for U.S. state unemployment
benefits fell 15,000 to 372,000 in the December 31 week, slightly more
than expected, as holiday volatility focused attention on the
four-week average, which was also down, the U.S. Labor Department
reported Thursday.
The adjusted total for the week containing Monday observance of the
holiday was the lowest only since the Dec. 17 week, which hit 366,000.
The median expectation was for 375,000, which would have been 6,000
below the originally reported level of 381,000, a week that is now
revised up to 387,000.
The Labor Department analyst said these holiday weeks are
characterized by a lot of volatility and he recommended focusing on the
trend, the four-week adjusted average that was down 3,250 to 373,250.
That’s the lowest four-week average since the June 7 week, 2008.
The week’s claims for California and Virginia were
partially estimated by the states themselves this time, and
Hawaii was estimated at Labor headquarters. Otherwise, the
analys said, there were no unusual factors.
Unadjusted claims rose 37,423 to 535,112 compared to the
year ago’s 578,904.
Adjusted continuing claims were 3,595,000 in the latest
week vs. 3,617,000 a week earlier, down 22,000.
The seasonally adjusted insured unemployment rate for the
Dec. 31 week was down a tenth to 2.8% while the unadjusted rate was
3.0%.
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 6,426 to 2,932,561 in the
Dec. 17 week.Extended benefits claims dropped 1,057 to 570,791.
The Labor Department reported that a total of 7,223,203
persons claimed unemployment benefits in the Dec. 31 week, down by
8,311.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: MAUDS$,MT$$$$,M$U$$$,MAUDR$]