Jobless Claims Down Ahead of Monthly Jobs Report in October

Insured Unemployment Lowest Since 1973

Initial jobless claims came in a seasonally adjusted 214,000 for the week ending October 27, a decline ahead of the monthly jobs report. The entire month of weekly reporting has offered very strong labor market data.

The 4-week moving average came in at 213,750, an increase of 1,750 from the previous week’s revised average. The previous week’s average was revised up by 250 from 211,750 to 212,000.

The advance seasonally adjusted insured unemployment rate was unchanged at a very low 1.1% for the week ending October 20. The advance number for seasonally adjusted insured unemployment during the week ending October 20 declined 7,000 to 1,631,000.

This is the lowest level for insured unemployment since July 28, 1973 when it was 1,603,000.

The 4-week moving average was 1,640,750, a decrease of 6,250 from the previous week’s revised average. This is the lowest level for this average since August 11, 1973 when it was 1,627,250. The previous week’s average was revised up by 500 from 1,646,500 to 1,647,000.

No state was triggered “on” the Extended Benefits program during the week ending October 13.

The highest insured unemployment rates in the week ending October 13 were in Alaska (1.9), New Jersey (1.9), Puerto Rico (1.7), California (1.6), Connecticut (1.6), Pennsylvania (1.4), the District of Columbia (1.3), Illinois (1.3), Nevada (1.3), and the Virgin Islands (1.3).

The largest increases in initial claims for the week ending October 20 were in Florida (+3,987), Georgia (+3,668), New Jersey (+836), New York (+638), and Texas (+620), while the largest decreases were in North Carolina (-1,061), Tennessee (-900), California (-829), Kansas (-482), and Wisconsin (-352).