A Closer Look

Unemployment Insurance Weekly Claims Report : No News, Bad News

After an increase, an insignificant drop, now unchanged. This is not an indication of a dynamic job market.

SEASONALLY ADJUSTED DATA

In the week ending May 12, the advance figure for seasonally adjusted initial claims was 370,000, unchanged from the previous week’s revised figure of 370,000. The 4-week moving average was 375,000, a decrease of 4,750 from the previous week’s revised average of 379,750.

The advance seasonally adjusted insured unemployment rate was 2.6 percent for the week ending May 5, unchanged from the prior week’s revised rate.

The advance number for seasonally adjusted insured unemployment during the week ending May 5 was 3,265,000, an increase of 18,000 from the preceding week’s revised level of 3,247,000. The 4-week moving average was 3,282,750, a decrease of 11,750 from the preceding week’s revised average of 3,294,500.

(Excerpts) 

via ETA Press Release: Unemployment Insurance Weekly Claims Report.

News releases from the U.S. Department of Labor are accessible on the Internet at: http://www.dol.gov/and  http://www.ows.doleta.gov/

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Jobless claims steady, mid-Atlantic factories sag 

The claims data comes on the heels of three straight months of slowing employment gains. Companies added 115,000 new jobs to their payrolls in April, the fewest in six months.

Thursday’s claims report covered the week for May’s payrolls survey. The four-week average of new applications, a measure of labor market trends, fell marginally between the April and May survey periods, suggesting not much change in labor market conditions.

“The claims data suggest some pickup in payroll growth but only modestly from April,” said Michael Gapen, an economist at Barclays Capital in New York.

The U.S. Federal Reserve appears disinclined to ramp up its support for the economy anytime soon unless the recovery stumbles. Minutes from the Fed’s April meeting released on Wednesday supported that view.

A separate report on Thursday from the private Conference Board showed a gauge of future U.S. economic activity fell in April for the first time in seven months.

via Jobless claims steady, mid-Atlantic factories sag | Reuters.


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