Jobless Claims Fall to Near-50-Year Low for Second Straight Week

Initial jobless claims fell to a seasonally adjusted 204,000 for week ending September 8, the lowest level since December 6, 1969. As People’s Pundit Daily reported, the 4-week average had fallen two weeks ago to the lowest level since December 13, 1969.

Last week, it fell again to a new low, which was revised until it was topped again this week.

The 4-week moving average came in at 208,000, a decline of 2,000 from the previous week’s revised average. This is also the lowest level for this average since December 6, 1969 when it was 204,500.

The Labor Department (DOL) said no state was triggered “on” the Extended Benefits program during the week ending August 25.

In lagging data, the advance seasonally adjusted insured unemployment rate was unchanged at a very low 1.2% for the week ending September 1. The advance number for seasonally adjusted insured unemployment during the week ending September 1 was 1,696,000, a decline of 15,000.

This is the lowest level for insured unemployment since December 1, 1973 when it was 1,692,000.

The 4-week moving average was 1,711,250, a decrease of 8,250 from the previous week’s revised average. This is the lowest level for this average since November 24, 1973 when it was 1,706,000.

The highest insured unemployment rates in the week ending August 25 were in New Jersey (2.5), Connecticut (2.2), Pennsylvania (1.9), Puerto Rico (1.9), Rhode Island (1.9), California (1.8), Alaska (1.7), Massachusetts (1.6), and New York (1.5).

The largest increases in initial claims for the week ending September 1 were in Indiana (+992), Hawaii (+839), Washington (+638), Illinois (+559), and Ohio (+409), while the largest decreases were in Michigan (-1,415), New York (-894), Florida (-668), Texas (-655), and Connecticut (-333).

The Unemployment Weekly Insurance Claims report has indicated a solid Employment Situation. The monthly jobs report on the labor market that came out last Friday found the fastest pace for wage growth since the Great Recession.

Meanwhile, the number of job openings in the U.S. rose to set a new record high for the month of July, 6.9 million. That followed and topped another record high hit the previous month.