Global| Mar 29 2018U.S. Initial Claims for Unemployment Insurance Reach 48-Year Low
Summary
Initial applications for jobless insurance rose to 229,000 during the week ended March 17 from an unrevised 226,000 in the prior week. Claims remain near the lowest level since December 1969. Expectations had been for 225,000 claims [...]
Initial applications for jobless insurance rose to 229,000 during the week ended March 17 from an unrevised 226,000 in the prior week. Claims remain near the lowest level since December 1969. Expectations had been for 225,000 claims in the Action Economics Forecast Survey. The four-week moving average edged up to 225,750.
The latest initial claims figure covers the survey week for March nonfarm payrolls. There was a 9,000 increase (4.1%) versus the February period. During the last ten years, there has been a 72% correlation between the level of initial claims and the m/m change in nonfarm payrolls
In the week ended March 10, continuing claims for unemployment insurance declined 3.0% to 1.828 (-7.8% y/y). The four-week moving average of claimants declined to 1.881 million, the lowest level since January 1974.
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 Forecast Survey, carried in the AS1REPNA database.
| Unemployment Insurance (SA, 000s) | 03/24/18 | 03/17/18 | 03/10/18 | Y/Y % | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|
| Initial Claims | 229 | 226 | 230 | -11.7 | 245 | 263 | 278 |
| Continuing Claims | -- | 1,828 | 1,885 | -7.8 | 1,962 | 2,135 | 2,266 |
| Insured Unemployment Rate (%) | -- | 1.3 | 1.3 |
1.5 |
1.4 | 1.6 | 1.7 |
Carol Stone, CBE
AuthorMore in Author Profile »Carol Stone, CBE came to Haver Analytics in 2003 following more than 35 years as a financial market economist at major Wall Street financial institutions, most especially Merrill Lynch and Nomura Securities. She has broad experience in analysis and forecasting of flow-of-funds accounts, the federal budget and Federal Reserve operations. At Nomura Securites, among other duties, she developed various indicator forecasting tools and edited a daily global publication produced in London and New York for readers in Tokyo. At Haver Analytics, Carol is a member of the Research Department, aiding database managers with research and documentation efforts, as well as posting commentary on select economic reports. In addition, she conducts Ways-of-the-World, a blog on economic issues for an Episcopal-Church-affiliated website, The Geranium Farm. During her career, Carol served as an officer of the Money Marketeers and the Downtown Economists Club. She has a PhD from NYU's Stern School of Business. She lives in Brooklyn, New York, and has a weekend home on Long Island.
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