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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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Market Trends
Weekly Economic Review | August 5, 2024
Aug 5, 2024
The Labor Department reported that initial jobless claims jumped to the highest level in almost a year. Claims have been displaying typical summer seasonality within a clear upward trend. First time claims in regular state programs recorded 249,000 for the week ending July 27th after the prior week’s report of 235,000. The four-week moving average climbed to 238,000 from 235,500 the prior week. Continuing claims, which include people who have received unemployment benefits for a week or more, rose 33,000 to 1,877,000 for the week ending July 20th. 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 | July 22, 2024
Jul 22, 2024
The Labor Department reported that initial jobless claims increased last week. Data can be especially noisy in the summer months with the retooling of auto plants and seasonal workers contributing to the volatility. The jobless claims data indicates a rather smooth climb of continuing claims and the upward trend in initial claims that indicate the labor market is cooling. First time claims in regular state programs recorded 243,000 for the week ending July 13th after the prior week’s report of 223,000. The four-week moving average climbed to 234,750 from 233,750 the prior week. Continuing claims, which include people who have received unemployment benefits for a week or more, rose 20,000 to 1,867,000 for the week ending July 6th. 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 | July 15, 2024
Jul 15, 2024
The Labor Department reported that initial jobless claims declined last week. July is a volatile month for claims as adjustments are made for automakers that are shutting down plants for maintenance. First time claims in regular state programs recorded 222,000 for the week ending July 6th after the prior week’s report of 239,000. The four-week moving average dropped to 233,500 from 238,750 the prior week. Continuing claims, which include people who have received unemployment benefits for a week or more, fell 4,000 to 1,852,000 for the week ending June 29th. The trend in continuing claims is rising, indicating more potential workers are having a hard time landing jobs. 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 | July 8, 2024
Jul 8, 2024
The Labor Department reported that initial jobless claims climbed last week as automakers shut down plants for maintenance. The bigger concern is a surge in continuing claims that reached the highest level since November 2021, as nine straight weeks of increases indicate unemployed workers are struggling to find new jobs. First time claims in regular state programs recorded 238,000 for the week ending June 29th after the prior week’s report of 234,000. The four-week moving average climbed to 238,500 from 236,250 the prior week. Continuing claims, which include people who have received unemployment benefits for a week or more, gained 26,000 to 1,858,000 for the week ending June 22nd. 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 | July 1, 2024
Jul 1, 2024
The Labor Department reported that initial jobless claims edged lower last week after a sharp climb earlier in June. The data of the past few weeks have been signaling incremental labor market weakness, albeit from a position of extreme strength. First time claims in regular state programs recorded 233,000 for the week ending June 22nd after the prior week’s report of 239,000. The four-week moving average climbed to 236,000 from 233,000 the prior week. Continuing claims, which include people who have received unemployment benefits for a week or more, gained 18,000 to 1,839,000 for the week ending June 15th. This is the highest level of recurring applications since the end of 2021. 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 | June 24, 2024
Jun 24, 2024
The Labor Department reported that initial jobless claims pulled back slightly after rising significantly over the prior two weeks. Last week initial claims reached a ten-month high as demand for labor drops further and the supply of available workers increases. First time claims in regular state programs recorded 238,000 for the week ending June 15th after the prior week’s report of 243,000. The four-week moving average climbed to 232,750 from 227,250 the prior week. Continuing claims, which include people who have received unemployment benefits for a week or more, gained 15,000 to 1,828,000 for the week ending June 8th. 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 | June 17, 2024
Jun 17, 2024
The Labor Department reported that initial jobless claims jumped to the highest level in nine months last week, led by a large increase in California. The increase could be related to the end of the school year or general seasonal volatility. California’s new law that mandates a $20 minimum wage for fast-food workers took effect in April. First time claims in regular state programs recorded 242,000 for the week ending June 8th after the prior week’s report of 229,000. The four-week moving average climbed to 227,000 from 222,250 the prior week. Continuing claims, which include people who have received unemployment benefits for a week or more, gained 30,000 to 1,820,000 for the week ending June 1st. 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 | June 10, 2024
Jun 10, 2024
The Labor Department reported that initial jobless claims increased last week to its highest number since early May. Despite the increase, the level remains in a range that suggests the labor market remains tight. First time claims in regular state programs recorded 229,000 for the week ending June 1st after the prior week’s report of 221,000. The four-week moving average declined to 222,250 from 223,000 the prior week. Continuing claims, which include people who have received unemployment benefits for a week or more, gained 2,000 to 1,792,000 for the week ending May 25th. 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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