US Jobless Claims Reach 15-Month High

The number of Americans filing for unemployment benefits increased by 20,000 to 294,000 in the week ended May 7th. Claims rose for the third straight week, reaching the highest since February last year and well above market expectations of 270,000. However, it is the 62nd consecutive week initial claims are below 300,000, the level associated with a healthy jobs market.

The 4-week moving average was 268,250, an increase of 10,250 from the previous week's unrevised average of 258,000. In New York, jobless claims went up by a non-seasonally adjusted 14,647 last week while smaller increases were reported in Pennsylvania and Michigan,

The advance seasonally adjusted insured unemployment rate was 1.6 percent for the week ending April 30, unchanged from the previous week's revised rate. The previous week's rate was revised up by 0.1 from 1.5 to 1.6 percent.

The advance number for seasonally adjusted insured unemployment during the week ending April 30 was 2,161,000, an increase of 37,000 from the previous week's revised level. This is the highest level for insured unemployment since April 2, 2016 when it was 2,176,000. The previous week's level was revised up 3,000 from 2,121,000 to 2,124,000.

The 4-week moving average was 2,137,250, a decrease of 3,750 from the previous week's revised average. This is the lowest level for this average since November 11, 2000 when it was 2,119,750. The previous week's average was revised up by 750 from 2,140,250 to 2,141,000. 

US Jobless Claims Reach 15-Month High

DOL | Joana Taborda |
5/12/2016 3:04:42 PM