Global| May 24 2012U.S. Initial Unemployment Insurance Claims Basically Steady
Summary
Initial unemployment insurance claims totaled 370,000 in the week of May 19; those in the week of May 12 were revised up 2,000 to 372,000. Consensus expectations for the later period were for 367,000 filings. The four-week moving [...]
Initial unemployment insurance claims totaled 370,000 in the week of May 19;
those in the week of May 12 were revised up 2,000 to 372,000. Consensus
expectations for the later period were for 367,000 filings. The four-week moving
average of initial claims fell to 370,000 in the May 19 week from 375,500 the
week before.
Continuing claims for unemployment insurance decreased to 3.260M during the week of May 12; the May 5 number was revised from 3.265M to 3.289M. The insured rate of unemployment was also revised upward a notch for that week, to 2.6%, and it remained there in the May 12 period; this is the ninth consecutive week at that level, the lowest also since July 2008. This particular count covers only "regular" programs and does not include all extended benefit and other specialized jobless insurance programs. In the week of May 5, the latest figure available, the grand total of all benefit recipients fell further to 6.169M, down -20.5% y/y and down almost 49% from the peak in January 2010.
By state, the insured unemployment rates varied greatly; the very lowest are in South Dakota (0.57%) and North Dakota (0.59%); among more populous areas, rates are below 2% in Virginia (1.35%), Texas (1.51%), and Florida (1.78%), among others; 19 states have rates below 2%. Ten states plus Puerto Rico have rates above 3%, including Illinois (3.12%), Pennsylvania (3.55%) and California (3.56%).
Data on weekly unemployment insurance programs are contained in Haver's WEEKLY database, including the seasonal factor series, and they are summarized monthly in USECON. Data for individual states, including the unemployment rates that determine individual state eligibility for the extended benefits programs and specific "tiers" of the emergency program, are in REGIONW, a database of weekly data for states and various regional divisions. Action Economics consensus survey estimates are in AS1REPNA.
| Unemployment Insurance (000s) | 05/19/12 | 05/12/12 | 05/05/12 | Y/Y% | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| Initial Claims | 370 | 372 | 370 | -12.7 | 409 | 459 | 574 |
| Continuing Claims | 3,260 | 3,265 | -12.8 | 3,745 | 4,544 | 5,807 | |
| Insured Unemployment Rate (%) | 2.6 | 2.6 | 3.0 (5/14/11) |
3.0 | 3.6 | 4.4 | |
| Total "All Programs" (NSA) | -- | 6.168M | -20.5 | 7.750M | 9.850M | 9.163M |
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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