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Economy in Brief
U.S. Initial Claims for Unemployment Insurance Ease
Initial jobless insurance applications fell to 258,000 (-3.1% y/y) during the week ended March 25...
U.S. Pending Home Sales Jump
The NAR reported that pending home sales increased 5.5% in February to an index level of 112.3...
U.S. Mortgage Loan Applications Remain Little Changed; Variable Rate Apps Surge
The MBA total Mortgage Market Volume Index slipped 0.8% last week (-12.4% y/y)...
La Dolce Vita? Italian Confidence Bumps Higher
Italian business and consumer confidence moved higher in March...
U.S. Consumer Confidence Improves Significantly
The Conference Board Consumer Confidence Index for March strengthened 8.2% (30.7% y/y) to 125.6...
U.S. Energy Product Prices Remain Under Pressure
Regular gasoline prices held steady at $2.32 per gallon last week (12.1% y/y) for the third straight week...
by Tom Moeller October 20, 2016
Initial claims for unemployment insurance rose to 260,000 during the week ended October 15 following 247,000 during the prior week, revised from 246,000. The four-week moving average of claims rose to 251,750, near the lowest level since November 1973. The Action Economics Forecast Survey expected 250,000 claims in the latest week.
The latest figure covers the survey week for October nonfarm payrolls, and initial claims rose 9,000 (3.6%) from the September period. During the last ten years, there has been a 75% correlation between the level of claims and the monthly change in nonfarm payrolls.
Continuing claims for jobless benefits rose 0.3% to 2.057 million (-6.0% y/y) in the week ended October 8. The four-week moving average fell to 2.058 million, the lowest point since July 2000.
The insured rate of unemployment held at 1.5% for the fifth straight week, near the record low.
Insured rates of unemployment across states continue to vary. The state data are not seasonally adjusted and are reported with a two-week lag. For the week ended October 1, the lowest rates were in South Dakota (0.26%), Nebraska (0.38%), North Carolina (0.55%), Utah (0.56%), Maine (0.68%) and South Carolina (0.73%). The highest rates were found in Illinois (1.53`%), Massachusetts (1.61%), Pennsylvania (1.76%), Connecticut (1.99%), New Jersey (2.12%) and Alaska (2.70%).
Data on weekly unemployment insurance are contained in Haver's WEEKLY database and they are summarized monthly in USECON. Data for individual states are in REGIONW. The expectations figure is from the Action Economics survey, carried in the AS1REPNA database.
|Unemployment Insurance (000s)||10/15/16||10/08/16||10/01/16||Y/Y %||2015||2014||2013|
|Insured Unemployment Rate (%)||--||1.5||1.5||