Two weeks ago, claim were down to 353,000, at bottom-near since April 2008 and we have asked ‘But is it only volatility’ ? The answer might well be yes.
UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORTSEASONALLY ADJUSTED DATA
In the week ending August 4, the advance figure for seasonally adjusted initial claims was 361,000, a decrease of 6,000 from the previous week’s revised figure of 367,000. The 4-week moving average was 368,250, an increase of 2,250 from the previous week’s revised average of 366,000.
The advance seasonally adjusted insured unemployment rate was 2.6 percent for the week ending July 28, unchanged from the prior week’s unrevised rate.
The advance number for seasonally adjusted insured unemployment during the week ending July 28 was 3,332,000, an increase of 53,000 from the preceding week’s revised level of 3,279,000. The 4-week moving average was 3,304,750, an increase of 4,500 from the preceding week’s revised average of 3,300,250.
Jobless Claims in U.S. Unexpectedly Fall as Labor Market Mends
Fewer Americans filed applications for unemployment benefits last week, a sign the labor market may keep improving after employment picked up in July.
Jobless claims unexpectedly dropped by 6,000 to 361,000 in the week ended Aug. 4, Labor Department figures showed today in Washington. The median forecast of 43 economists surveyed by Bloomberg News called for an increase to 370,000. A spokesman for the agency said there was nothing unusual in the data.
Fewer firings mean employers are seeing enough demand to retain staff, indicating the world’s largest economy is sustaining the recovery from the recession. Labor Department data last week showed payrolls rose more than forecast in July.
“The labor market is slowly but steadily improving despite all the uncertainty created by the European financial problems, the election and the fiscal cliff,” Joel Naroff, president of Naroff Economic Advisors in Holland, Pennsylvania, said before the report. “There is no reason to think that job payroll increase posted in July cannot be duplicated in the months to come.”
Estimates in the Bloomberg survey ranged from 359,000 to 385,000. The Labor Department revised the previous week’s figure up to 367,000 from an initially reported 365,000.
A Labor Department spokesman said last week that today’s data should be clear of any influence from the annual auto plant retooling closures that make it difficult to adjust the data for seasonal variations…