Today the United States Department of Labor (DOL) released their advance News Release on Unemployment Insurance Weekly Claims for the week ending October 25, 2014. For the second week in a row unemployment claims increased with 3,000 claims this week. The previous week unemployment claims jumped 17,000. The weekly jobless claims report came in at 287,000 claims. The DOL News Release report gives an accounting of the national unemployment activity by reporting weekly on the number of Americans filing for unemployment benefits. Increased unemployment claims can be considered a market indicator of economic stagnation.
After revisions to the previous week claims and monthly average the overall unemployment claims this week unemployment claims saw an increase from the previous week’s revised level of 284,000 claims. The 4-week unemployment claims moving average was 281,000 claims which is a decrease of 250 claims over the 4 week average.
For the week ending October 18, 2014 the states that had the largest weekly increases for initial claims were California with 2,754 initial claims due to more layoffs in administrative and support and waste management and remediation services. Michigan followed with an increase of 1,609 claims due to more layoffs in the wholesale trade industry. Pennsylvania lead all states with a reduction of 3,459 unemployment claims due to fewer than expected layoffs in the administrative and support and waste management and remediation service, construction, and accommodation and food service industries. Followed by New York with a decrease of 2,965 initial unemployment claims due to fewer than expected layoffs in accommodation and food serice, manufacturing and health care and social assistance industries.
According to this Department of Labor report for the week ending October 11, 2014 there were a total of 2,061,139 people claiming unemployment benefits. This represents a decrease of 12,366 claims from the prior week. One year ago there were 3,899,605 people claiming unemployment benefits.
While this News Release provides a only snapshot of weekly and monthly averages of initial unemployment claims and does not consider the long term unemployed, employer hiring or those who have dropped out of the labor force. To view the full News Release go to Unemployment Insurance Weekly Claims released October 30, 2014. The next national Department of Labor weekly unemployment claims report will be released on November 6, 2014 and will measure unemployment claims activity for the earlier week.
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