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Market Trends
Weekly Economic Review | January 13, 2025
Jan 13, 2025
The Labor Department reported that initial jobless claims fell last week, but continuing claims surged again. The end of year can be very volatile due to the end of seasonal work, retirements and several other factors. First time claims in regular state programs recorded 201,000 for the week ending January 4th, after the prior week’s report of 211,000. The four-week moving average dropped to 213,000 from 223,250 the prior week. Continuing claims, which include people who have received unemployment benefits for a week or more, surged 33,000 to 1,867,000 for the week ending December 28th. The elevated continuing jobless claims are putting upward pressure on the median duration of unemployment, which rose to 10.5 weeks in November, up from 9.0 a year earlier. The insured unemployment rate, the number of people currently receiving unemployment insurance as a percentage of the labor force, remained at 1.2%.
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Market Trends
Weekly Economic Review | December 16, 2024
Dec 16, 2024
The Labor Department reported that initial jobless claims rose last week to a two month high, with a large increase in claims from California, which was hit by wildfires in early December. Jobless claims could surge toward the end of the year after Boeing Co. presented measures to cut costs that includes a 10% reduction in the workforce. First time claims in regular state programs recorded 242,000 for the week ending December 7th, after the prior week’s report of 225,000. The four-week moving average climbed to 224,250 from 218,500 the prior week. Continuing claims, which include people who have received unemployment benefits for a week or more, increased 15,000 to 1,886,000 for the week ending November 30th. The insured unemployment rate, the number of people currently receiving unemployment insurance as a percentage of the labor force, dropped back to 1.2% after climbing to 1.3% two weeks earlier.
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Market Trends
Weekly Economic Review | December 9, 2024
Dec 9, 2024
The Labor Department reported that initial jobless claims rose last week in a volatile session due to the Thanksgiving holiday. Jobless claims are set to jump toward the end of the year after Boeing Co. presented a range of measures to cut costs, including a 10% reduction in the workplace. First time claims in regular state programs recorded 224,000 for the week ending November 30th, after the prior week’s report of 215,000. The four-week moving average climbed to 218,250 from 217,500 the prior week. Continuing claims, which include people who have received unemployment benefits for a week or more, decreased 25,000 to 1,871,000 for the week ending November 23rd. The insured unemployment rate, the number of people currently receiving unemployment insurance as a percentage of the labor force, remained unchanged from the previous week at 1.3%.
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Market Trends
Weekly Economic Review | November 4, 2024
Nov 4, 2024
The Labor Department reported that initial jobless claims unexpectedly fell last week to their lowest since May as southeastern states continued to recover from the impact of two hurricanes. The low number of layoffs signals that layoffs remain low even with an ongoing strike at Boeing & Company. First time claims in regular state programs recorded 216,000 for the week ending October 26th after the prior week’s report of 228,000. The four-week moving average dropped to 236,500 from 238,750 the prior week. Continuing claims, which include people who have received unemployment benefits for a week or more, decreased 26,000 to 1,862,000 for the week ending October 19th. The insured unemployment rate, the number of people currently receiving unemployment insurance as a percentage of the labor force, remained unchanged at 1.2%.
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Market Trends
Weekly Economic Review | October 14, 2024
Oct 14, 2024
The Labor Department reported that initial jobless claims spiked to a one-year high last week, reflecting increases in Michigan and states hit by Hurricane Helene. The jobless claims data are likely in for a stretch of volatility in the wake of hurricanes Helene and Milton, complicating efforts by the Federal Reserve to accurately gauge underlying developments in the labor market. First time claims in regular state programs recorded 258,000 for the week ending October 5th after the prior week’s report of 225,000. The four-week moving average climbed to 231,000 from 224,250 the prior week. Continuing claims, which include people who have received unemployment benefits for a week or more, increased 42,000 to 1,861,000 for the week ending September 28th. The insured unemployment rate, the number of people currently receiving unemployment insurance as a percentage of the labor force, remained at 1.2%.
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Market Trends
Weekly Economic Review | October 7, 2024
Oct 7, 2024
The Labor Department reported that initial jobless claims edged higher last week, although we could soon see sharper increases after disruptions from Hurricane Helene, the port strike and a work stoppage at Boeing. First time claims in regular state programs recorded 225,000 for the week ending September 28th after the prior week’s report of 219,000. The four-week moving average dropped to 224,250 from 225,000 the prior week, the lowest since June 1st. Continuing claims, which include people who have received unemployment benefits for a week or more, decreased 1,000 to 1,826,000 for the week ending September 21st. The insured unemployment rate, the number of people currently receiving unemployment insurance as a percentage of the labor force, remained at 1.2%.
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Market Trends
Weekly Economic Review | September 30, 2024
Sep 30, 2024
The Labor Department reported that initial jobless claims declined to a four month low last week, even as employers are slowing down their hiring. The rise in the unemployment rate is driven by an increased supply of workers, many of them undocumented and not eligible for unemployment insurance. First time claims in regular state programs recorded 218,000 for the week ending September 21st after the prior week’s report of 222,000. The four-week moving average dropped to 224,750 from 228,250 the prior week. Continuing claims, which include people who have received unemployment benefits for a week or more, increased 13,000 to 1,834,000 for the week ending September 14th. The insured unemployment rate, the number of people currently receiving unemployment insurance as a percentage of the labor force, remained at 1.2%.
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Market Trends
Weekly Economic Review | September 23, 2024
Sep 23, 2024
The Labor Department reported that initial jobless claims dropped to their lowest level since May last week, suggesting the labor market remains healthy even as hiring has slowed. The data may be distorted due to the holiday during the measured week. First time claims in regular state programs recorded 219,000 for the week ending September 14th after the prior week’s report of 231,000. The four-week moving average dropped to 227,500 from 231,000 the prior week. Continuing claims, which include people who have received unemployment benefits for a week or more, declined 14,000 to 1,829,000 for the week ending September 7th. The insured unemployment rate, the number of people currently receiving unemployment insurance as a percentage of the labor force, remained at 1.2%.
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Market Trends
Weekly Economic Review | August 19, 2024
Aug 19, 2024
The Labor Department reported that initial jobless claims fell last week for the second straight week to its lowest level since the week of July 6th. This week’s print indicates that we have finally moved into a normalized environment with claims no longer exhibiting impacts from the Hurricane. First time claims in regular state programs recorded 227,000 for the week ending August 10th after the prior week’s report of 234,000. The four-week moving average dropped to 236,500 from 241,000 the prior week. Continuing claims, which include people who have received unemployment benefits for a week or more, fell 7,000 to 1,864,000 for the week ending August 3rd. The insured unemployment rate, the number of people currently receiving unemployment insurance as a percentage of the labor force, remained at 1.2%.
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Market Trends
Weekly Economic Review | August 12, 2024
Aug 12, 2024
The Labor Department reported that initial jobless claims fell last week, potentially alleviating some concerns that the labor market is cooling too fast. Initial claims are always more volatile amid summer shutdowns of auto plants for retooling, and this year disruptions from Hurricane Beryl added to the volatility. First time claims in regular state programs recorded 233,000 for the week ending August 3rd after the prior week’s report of 250,000. The four-week moving average climbed to 240,750 from 238,250 the prior week. Continuing claims, which include people who have received unemployment benefits for a week or more, rose 6,000 to 1,875,000 for the week ending July 27th. The insured unemployment rate, the number of people currently receiving unemployment insurance as a percentage of the labor force, remained at 1.2%.
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