US Jobless Claims Lowest Since 1973

Initial Jobless Claims in the United States decreased by 22 thousand to 222 thousand in the week ending October 14th. This is the lowest level for initial claims since March 31, 1973 as workers affected by hurricanes Harvey and Irma continued to return to their jobs.

The bigger than expected decline in claims most likely reflected difficulty adjusting for the Columbus Day holiday. Also, there was a further drop in claims in Texas and Florida where the hurricanes initially led to a spike in applications at the end of August and at the beging of September.

The 4-week moving average a less-volatile measure,was 248,250, a decrease of 9,500 from the previous week's revised average. The previous week's average was revised up by 250 from 257,500 to 257,750. 

The advance number for seasonally adjusted insured unemployment (continuing jobless claims) during the week ending October 7 was 1,888,000, a decrease of 16,000 from the previous week's revised level. This is the lowest level for insured unemployment since December 29, 1973 when it was 1,805,000. The previous week's level was revised up 15,000 from 1,889,000 to 1,904,000.

Claims taking procedures continue to be severely disrupted in Puerto Rico and the Virgin Islands as a result of power outages and infrastructure damage caused by Hurricanes Irma and Maria.

US Jobless Claims Lowest Since 1973

Anna |
10/19/2017 12:43:48 PM