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Free AccessMNI DATA ANALYSIS: US Jobless Claims Rose 1,000 In July 28 Wk>
--Initial Claims Four-Week Average Down 3,500 To 214,500
By Kevin Kastner, Harrison Clarke, and Shikha Dave
WASHINGTON (MNI) - Initial claims U.S. state unemployment benefits
rose by 1,000 to 218,000 in the July 28 week, below the 219,000 level
expected by analysts in an MNI survey following no revision to claims in
the previous week, data released by the Labor Department Thursday
showed.
A better measure for the underlying trend of the data is the
four-week moving average for initial claims. The average fell by 3,500
to 214,500 in the July 28 week.
If the number of headline claims does not change next week and
there are no revisions to data from the past four weeks, the four-week
average would rise by 750 as the 215,000 level in the July 7 week
rolls out of the calculation, keeping the average below its year
ago level.
Seasonal adjustment factors had expected a decrease of 11.2%, or
22,607 in unadjusted claims. Unadjusted claims however, actually saw an
decrease of 10.8%, or 21,750 to 179,538. The current week's level was
well below the 198,776 level in the comparable week a year ago.
--CONTINUING CLAIMS, 4-WK AVERAGE DECLINE
The level of continuing claims fell by 23,000 to 1.724 million in
the July 21 week. Before seasonal adjustment, continuing claims fell by
51,786 to 1.709 million, remaining below the 1.940 million level
seen in the comparable week last year.
The four-week average for continuing claims, which tends to be a
more reliable measure as continuing claims consistently fluctuate
week-to-week, fell by 4,500 to 1.742 million.
The seasonally adjusted insured unemployment rate stayed at 1.2% in
the July 21 week, down from the 1.4% in the same week a year earlier,
reinforcing that the level of insured unemployment is particularly low.
Claims were estimated for Maine only.
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.
** MNI Washington Bureau: 202-371-2121 **
[TOPICS: MAUDS$,M$U$$$,MAUDR$]
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.