US jobless claims fall to lowest in three months

According to figures released by the US Department of Labor, US initial jobless claims dropped to 434,000 this past week, their lowest levels in over three months. Analysts had been expecting upwards of 450,000 claims where the numbers have plateaued for a number of weeks.

My take: the downward trajectory in claims is rather slow. However, this is not out of line with the last two jobless recoveries. 2011 will be much more about the ability for the economy to make gains in the face of a weak housing market and likely austerity at the federal as well as the state and local level.

Source: US Department of Labor


UNEMPLOYMENT INSURANCE DATA FOR REGULAR STATE PROGRAMS


Advance

Prior1

WEEK ENDING

Oct. 23

Oct. 16

Change

Oct. 9

Year


Initial Claims (SA)

434,000

455,000

-21,000

475,000

528,000

Initial Claims (NSA)

405,639

393,961

+11,678

462,667

494,476

4-Wk Moving Average (SA)

453,250

458,750

-5,500

462,250

528,750

Advance

Prior1

WEEK ENDING

Oct. 16.

Oct. 9

Change

Oct. 2

Year


Ins. Unemployment (SA)

4,356,000

4,478,000

-122,000

4,444,000

5,803,000

Ins. Unemployment (NSA)

3,742,003

3,716,598

+25,405

3,705,942

4,984,950

4-Wk Moving Average (SA)

4,447,250

4,485,750

-38,500

4,499,750

5,908,000


Ins. Unemployment Rate (SA)2

3.5%

3.6%

-0.1

3.5%

4.4%

Ins. Unemployment Rate (NSA)2

3.0%

3.0%

0.0

2.9%

3.8%

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