1st Time Jobless Claims Up Less Than Expected

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This seems like the normal ebb and flow of the job market. It takes more than 1 week worth of good news to make a trend but this better than a rise in filings. Please read the article below. 

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Following a sharp drop in first time claims for unemployment insurance a week earlier, initial filings rose 15,000 for the week ended September 14 to 309,000, the Labor Department reported Thursday. Economists had expected the number of claims to jump 49,000 to 341,000, from the 292,000 originally reported for the week ended September 7. The number of filings for that week was revised up to 294,000.

The four week moving average of first time filings fell to 314,750, the lowest level since October 2007.

Continuing claims for jobless benefits – reported on a one-week lag – fell 28,000 to 2,787,000 for the week ended September 7, the lowest level since January 2008. The number of continuing claims for the week ended August 31 was revised down to 2,815,000 from the originally reported 2,871,000.

The four week moving average of continuing claims dropped 54,000 to 2,885,000, the lowest since March 2008.

Initial claims data for the week ended September 7 had been affected by the Labor Day holiday and because California and one other, unidentified, state upgraded their computer systems which delayed processing claims. But there were no similar exogenous events for the week covered by today’s report. The reports have been affected as well by favorable seasonal adjustment factors built around recurring, historic events which included tropical storms. Those storms did not materialize this year but the adjustment factors anticipated and accounted for them nonetheless.

Initial claims generally reflect layoffs which continuing claims hiring. A decrease in continuing claim suggests employers have a collective need for more workers while an increase in first-time claims suggests companies may be over-staffed.

To read the complete article please use the link below.

Jobless Claims Up Less

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