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This Morning’s Key Economic Data - Weekly Jobless Claims (Week Ended December 17, 2010)

December 23, 2010 – This Morning’s Key Economic Data – Weekly Jobless Claims (Week Ended December 18, 2010) – The number came in line with expectations, at 420,000, which most economists and pundits interpret as ‘modest’ growth. We continue to see this as a ‘less bad’ number, but still a bad one, and an indication that the economy is still nowhere near adding back the jobs lost over the past few years.

Excerpt from press release:

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT

SEASONALLY ADJUSTED DATA

In the week ending Dec. 18, the advance figure for seasonally adjusted initial claims was 420,000, a decrease of 3,000 from the previous week's revised figure of 423,000.

The 4-week moving average was 426,000, an increase of 2,500 from the previous week's revised average of 423,500.The advance seasonally adjusted insured unemployment rate was 3.2 percent for the week ending Dec. 11, a decrease of 0.1 percentage point from the prior week's unrevised rate of 3.3 percent.

The advance number for seasonally adjusted insured unemployment during the week ending Dec.11 was 4,064,000, a decrease of 103,000 from the preceding week's revised level of 4,167,000. The 4-week moving average was 4,155,500, a decrease of 38,250 from the preceding week's revised average of 4,193,750.

UNADJUSTED DATA

The advance number of actual initial claims under state programs, unadjusted, totaled 495,587 in the week ending Dec. 18, an increase of 5,311 from the previous week. There were 565,243 initial claims in the comparable week in 2009. The advance unadjusted insured unemployment rate was 3.3 percent during the week ending Dec. 11, an increase of 0.1 percentage point from the prior week.

The advance unadjusted number for persons claiming UI benefits in state programs totaled 4,173,407, an increase of 110,889 from the preceding week. A year earlier, the rate was 4.1 percent and the volume was 5,345,467.The total number of people claiming benefits in all programs for the week ending Dec. 4 was 8,883,578

.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 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 Dec. 4.Initial claims for UI benefits by former Federal civilian employees totaled 3,281 in the week ending Dec. 11, an increase of 306 from the prior week.

There were 2,586 initial claims by newly discharged veterans, a decrease of 293 from the preceding week. There were 47,578 former Federal civilian employees claiming UI benefits for the week ending Dec. 4, a decrease of 3,365 from the previous week. Newly discharged veterans claiming benefits totaled 42,176, a decrease of 1,768 from the prior week. States reported 3,785,978 persons claiming EUC (Emergency Unemployment Compensation) benefits for the week ending Dec. 4, a decrease of 68,089 from the prior week. There were 4,456,518 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 Dec. 4 were in Alaska (6.5 percent), Puerto Rico (5.8), Oregon (4.8), Montana (4.6), Pennsylvania (4.6), Idaho (4.4), California (4.3), Nevada (4.3), Wisconsin (4.2), and New Jersey (4.0). The largest increases in initial claims for the week ending Dec. 11 were in Kentucky (+1,680), California (+1,202), Iowa (+1,154), Puerto Rico (+935), and Massachusetts (+839), while the largest decreases were in New York (-12,355), North Carolina (-9,951), Georgia (-8,662), Pennsylvania
(-8,315), and Washington (-7,929).





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