Widget Image
Follow PPD Social Media
Tuesday, November 5, 2024
HomeNewsEconomyWeekly Unemployment Claims Jump More Than Expected

Weekly Unemployment Claims Jump More Than Expected

unemployment-benefits
unemployment-benefits

Weekly jobless claims, or first-time claims for unemployment benefits reported by the Labor Department.

The Labor Department said on Thursday that weekly unemployment claims rose by 11,000 to 276,000 last week,  higher than the estimate for 265,000. The prior week was unchanged at 265,000.

A Labor Department analyst said there were no special factors impacting this week’s initial claims and no state was triggered “on” the Extended Benefits program during the week ending March 12.

The 4-week moving average–which is widely considered to be a better gauge, as it irons-out weekly volatility–was 263,250, an increase of 3,500 from the previous week’s unrevised average of 259,750. Still, the report marks 56 consecutive weeks first-time weekly jobless claims were below 300,000, the longest streak since 1973.

There were 11,691 former Federal civilian employees claiming UI benefits for the week ending March 12, a decrease of 1,258 from the previous week. Newly discharged veterans claiming benefits totaled 14,243, a decrease of 373 from the prior week.

The highest insured unemployment rates in the week ending March 12 were in Alaska (4.4), New Jersey (3.1), Wyoming (3.1), Pennsylvania (3.0), West Virginia (3.0), Connecticut (2.9), Montana (2.8), Rhode Island (2.8), Illinois (2.7), and Massachusetts (2.7).

The largest increases in initial claims for the week ending March 19 were in Missouri (+585), Florida (+342), Illinois (+334), Colorado (+332), and South Carolina (+304), while the largest decreases were in California (-2,350), Pennsylvania (-1,407), New York (-1,041), Washington (-695), and Nebraska (-657).

Written by

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

No comments

leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

People's Pundit Daily
You have %%pigeonMeterAvailable%% free %%pigeonCopyPage%% remaining this month. Get unlimited access and support reader-funded, independent data journalism.

Start a 14-day free trial now. Pay later!

Start Trial