This Morning’s Key Economic Data - Weekly Jobless Claims (week ended March 6, 2010)

March 11, 2010 – This Morning’s Key Economic Data – Weekly Jobless Claims – The number came in basically in line with expectations. Best case scenario, is that the jobs data has gotten ‘less bad’ but this is just rhetoric. The bottom line is that the labor market conditions remain dismal, and we don’t buy into the notion that there can be a jobless recovery in the economy. Consumers are expected to drive 70% of GDP. In order to do so, they have to be employed, and they have to have a level of confidence that they will remain employed. There is nothing we see in this morning’s weekly jobless claims report to indicate that there is any reason to be confident at this point.

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT

SEASONALLY ADJUSTED DATA

In the week ending March 6, the advance figure for seasonally adjusted initial claims was 462,000, a decrease of 6,000 from the previous week's revised figure of 468,000. The 4-week moving average was 475,500, an increase of 5,000 from the previous week's revised average of 470,500.

The advance seasonally adjusted insured unemployment rate was 3.5 percent for the week ending Feb. 27, unchanged from the prior week's unrevised rate of 3.5 percent.

The advance number for seasonally adjusted insured unemployment during the week ending Feb. 27 was 4,558,000, an increase of 37,000 from the preceding week's revised level of 4,521,000. The 4-week moving average was 4,581,000, unchanged from the preceding week's revised average of 4,581,000.

The fiscal year-to-date average of seasonally adjusted weekly insured unemployment, which corresponds to the appropriated AWIU trigger, was 5.170 million.  

UNADJUSTED DATA

The advance number of actual initial claims under state programs, unadjusted, totaled 460,287 in the week ending March 6, a decrease of 10,969 from the previous week. There were 652,636 initial claims in the comparable week in 2009. The advance unadjusted insured unemployment rate was 4.2 percent during the week ending Feb. 27, a decrease of 0.1 percentage point from the prior week.

The advance unadjusted number for persons claiming UI benefits in state programs totaled 5,528,856, a decrease of 68,281 from the preceding week. A year earlier, the rate was 4.8 percent and the volume was 6,361,354.

Extended benefits were available in Alabama, Alaska, Arizona, California, Colorado, Connecticut, Delaware, the District of Columbia, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Maine, Massachusetts, Michigan, Minnesota, Montana, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, Tennessee, Texas, Vermont, Virginia, Washington, West Virginia, and Wisconsin during the week ending Feb. 20.

Initial claims for UI benefits by former Federal civilian employees totaled 1,290 in the week ending Feb. 27, an increase of 93 from the prior week. There were 2,335 initial claims by newly discharged veterans, an increase of 388 from the preceding week. There were 22,955 former Federal civilian employees claiming UI benefits for the week ending Feb. 20, a decrease of 822 from the previous week. Newly discharged veterans claiming benefits totaled 36,585, an increase of 1,113 from the prior week. States reported 5,527,925 persons claiming EUC (Emergency Unemployment Compensation) benefits for the week ending Feb. 20, a decrease of 159,649 from the prior week. There were 2,068,413 claimants in the comparable week in 2009. EUC weekly claims include first, second, third, and fourth tier activity.