This Morning’s Key Economic Data - Weekly Jobless Claims (week ended August 28, 2010)

September 2, 2010 – This Morning’s Key Economic Data – Weekly Jobless Claims for the Week Ended August 28, 2010 – The number came in slightly better, or ‘less bad’ than expected, at 472,000. Sure, it could have been worse, after the ADP report yesterday came in worse than expected, but that report is typically discounted as ‘less reliable’ and the focus is on tomorrow’s Nonfarm Payrolls report for August. If this economy is going to ever get back on the rails, it is going to have to be led back by the labor market. There is no such thing as a ‘jobless recovery’, in our opinion.

Excerpt from release:

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT

SEASONALLY ADJUSTED DATA

In the week ending Aug. 28, the advance figure for seasonally adjusted initial claims was 472,000, a decrease of 6,000 from the previous week's revised figure of 478,000. The 4-week moving average was 485,500, a decrease of 2,500 from the previous week's revised average of 488,000.

The advance seasonally adjusted insured unemployment rate was 3.5 percent for the week ending Aug. 21, unchanged from the prior week's unrevised rate of 3.5 percent.

The advance number for seasonally adjusted insured unemployment during the week ending Aug. 21 was 4,456,000, a decrease of 23,000 from the preceding week's revised level of 4,479,000. The 4-week moving average was 4,485,250, a decrease of 28,500 from the preceding week's revised average of 4,513,750.

The fiscal year-to-date average of seasonally adjusted weekly insured unemployment, which corresponds to the appropriated AWIU trigger, was 4.994 million. 

UNADJUSTED DATA

The advance number of actual initial claims under state programs, unadjusted, totaled 378,511 in the week ending Aug. 28, a decrease of 6,400 from the previous week. There were 456,682 initial claims in the comparable week in 2009.

The advance unadjusted insured unemployment rate was 3.2 percent during the week ending Aug. 21, a decrease of 0.1 percentage point from the prior week. The advance unadjusted number for persons claiming UI benefits in state programs totaled 4,103,789, a decrease of 115,895 from the preceding week. A year earlier, the rate was 4.2 percent and the volume was 5,622,401.

Extended benefits were available in Alabama, Alaska, Arizona, California, Colorado, Connecticut, Delaware, the District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Maine, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, Tennessee, Texas, Virginia, Washington, West Virginia, and Wisconsin during the week ending Aug. 14.

Initial claims for UI benefits by former Federal civilian employees totaled 3,932 in the week ending Aug. 21, an increase of 180 from the prior week. There were 2,719 initial claims by newly discharged veterans, a decrease of 38 from the preceding week.

There were 24,792 former Federal civilian employees claiming UI benefits for the week ending Aug. 14, an increase of 751 from the previous week. Newly discharged veterans claiming benefits totaled 41,153, an increase of 713 from the prior week.

States reported 4,546,010 persons claiming EUC (Emergency Unemployment Compensation) benefits for the week ending Aug. 14, a decrease of 281,676 from the prior week. There were 3,081,750 claimants in the comparable week in 2009. EUC weekly claims include first, second, third, and fourth tier activity.

The highest insured unemployment rates in the week ending Aug. 14 were in Puerto Rico (6.9 percent), Pennsylvania (4.8), New Jersey (4.6), Oregon (4.5), Alaska (4.4), California (4.3), Connecticut (4.3), Nevada (4.1), Rhode Island (4.1), and Wisconsin (4.0). The largest increases in initial claims for the week ending Aug. 21 were in Florida (+1,906), Nevada (+503), Iowa (+297), Maryland (+250), and New York (+247), while the largest decreases were in California (-5,983), Ohio (-1,649), Michigan (-1,559), Wisconsin (-1,406), and Oregon (-1,356).